perkoa update annmnt, page-28

Ultimately this comes back to just how much MF was allowing his ego to impinge on the others imho DK.

Can we apportion any accountability to ALL management for the lack of judgement of the sub-prime/credit mess the world financial system is now in?I'm not so sure.

Dont forget BC/VB wernt appointed until May 07 when much of the damage had already been done in terms of not chasing a higher % of debt.To a degree they have been thrown the hot potato.

The banks,more than likely,already knew they were moving into a liquidity crises in ealy 07(if anyone would know this early,its them)and probably told their corporate loans dept to hold off on higher risk projects,which no doubt Aim would qualify under.This may well have been when the crap hit the fan with MF as he probably wouldnt have known which way to turn except lets go to the likes of JPM and hit them up for some cash,when the banks knocked him back(IF thats what he intended,and no doubt what NS want to know too!).

Interestingly JPM may have been one of his better choices as it turns out JPM seems to be a bit healthier than some of the other banks(touch wood).

What I do know,and no doubt someone who's chasing MF's rear end atm knows too,is the incredible lack of judgement that MF showed in changing the financing package plans.As we have said theres a good chance a larger % of debt could have been signed up IF he'd committed back at the end of 06.But he farted around no doubt thinking he was sitting pretty with a massive NPV that would allow him to attract investor money rather than debt,after he was possibly knocked back by the banks.

All well and good when the numbers look great with zinc at $1.50+,but when things start getting a bit more marginal with zinc at $1.20 post the rather large fall in the zinc price,his capabilities went out the window as he obviously had little to no ability to drive a project that required higher efficiencies.

This is what BC/VB seem to now be targeting and its becoming clearer in my mind that at least they have their heads screwed on in squeeezing as much out of all aspects of the project as they can.They have both been THERE when the base metals markets have been at their lowest and would know many of the tricks in pushing a projects financial efficiencies

I suppose the real problem has been the lacadaisical attitude of PREVIOUS Aim management to assuming all would be OK and that the project numbers would always stand up as they were.

Perhaps this is what Tom McAuley was trying to convey to other holders all along re the MF problem.

d.