oxides breakeven, page-4

Oly,

I see you have been giving the Ρετσίνα a bit of a nudge, have another look at minutes, with $19M owed by CMR to JV and HNC called upon for more funds directly into JV why would they do it if the funds they injected in CMR did not go directly to JV, instead $9M sat with CMR for whatever reason. HNC baulked at tipping in further because CMR defaulted on their commitments to JV. CMR shot themselves HNC did not pull the trigger.

Equitising part of the CMR corporate debt had no effect on their indebtedness to JV just a book entry, simple fact is more cash was required which they had buckleys chance of getting. We now know true level of debts, something management refused to disclose before collapse.

You will recall I made a comment previously about CMR talking about a cap raising during the last few trading days for the expressed purpose of cutting back/ mothballing call it what you like, how can anyone support such a raising and I would like you to show me another entity raising funds to close an operation (sole one at that) and being successful with such a flawed strategy.

I know it seems easy to blame HNC, buy you of all people know 150% of the blame rests with management.

You query on DOCA is correct in terms of who can determine it, but you need to understand if they didn't want CMR the listed entity then simply be put it into liquidation and you can all claim a capital loss, as the name suggests DOCA involves the company and shareholders, how it pans out will take a while to determine and only if they get the plant working. If it can be cashflow positive CMR still has to work through a mountain of debt before shareholders see anything, this can be achieved out of cashflow over time or equitised or a combo of both.
Too early to say what will be final outcome, at least HNC are giving the plant one last chance.