Binga01In the old days (1980's) we called it asset stripping !...

Binga01


In the old days (1980's) we called it asset stripping ! Today I think they use a nicer word "ware-housing" - the same thing still happens.

I hope you all notice that the $'s are gradually disappearing into dodgy oseas ventures(excluding CUO) with the same directors/mates ... Sage,Turner,Landau,Povey,Timmis,CFE employees Bischoff and Ariti.No independent directors to vigorously debate these so-called quality investments.All loans have a common thread... no cash, no real assets , plenty of debt ,piss-poor share price, close to trading while insolvent and directors still with their heads in the feeding trough.

Look at GFE .....

Been in business since May 2007. Had approx $3.1m now has $1.6m ( spent around $1.4m 5/07 to 12/08)

No assets,no plans, no activity ,just lots of director's fees and lots of their expenses ( see p29 of ann. report) and accounting fees ( to a Tim Turner co.)

Except for the CUO deals , you would have to seriously question the motives of TS and the Board's competency to make these decisions... more likely their motives. Sages Scimitar gets $2.3ml , Bischoff's DMC mining gets $2ml and Landau's Continental Capital gets $3.5ml.More independent board members would probably not have supported these deals.


As you said .. what a contrast in deals - no wonder there is no serious support for the share price and the mgmt.


And now we have the GFE joke investment !


It's still called asset stripping !