re: 40 billion , page-5

re: 40 billion I did post quite some time ago on what I thought would be a fair outcome to this saga. But like a lot of people who post on this forum, I was not aware of all the facts.

When this coup was unveiled by the team at CAZ it all seemed cut and dry. But as with everyday life unless the whole picture is displayed, you will never be sure wether you are looking at work of art or a monkey picking its nose.

Some of you are quite quick to put on your legal hat and say that the WA govt has reshaped, rehashed or even shattered the law and that a judge would simply have to see it the other way.

So lets look at the facts as we all know them to be.

Did RIO pay for its renewal? Yes well in advance
Did RIO send of its renewal application well in advance? Yes
Was the renewal application lodged on time? No
So was it RIO's fault that this application was not lodged on time? No - that responsibility was passed onto the courier company
Does the DOIR have an up to date interactive lodgement system which enables tenement holders to track applications and applications for renewals? Depends on what side of the fence you are on. The Govt has pledged to expediate a review and revamp of the system as it has the CAZ case has recongised flaws in the alerts and advice process.

So what decision does a judge really have to make:- Did the tenement holder fulfill their obligations under the law in relation to the renewal procedure? YES Did CAZ have the right to lay claim to the tenement under the circumstances at the time? YES it was vacant. But then good old logic clicks in. Irrespective of RIO's size and the aussie attitude of supporting the underdog, the fact is, it was a string of external party stuff ups, including the DOIR logement procedure in the bush that lead to the tenement becomming vacant in the first place. Decision:- Nice try CAZ but sorry, not this time.

The real question to be posed is this. Did the management at CAZ know all the facts before they went on a spending spree and a capital raising quest.

No conspiracy theorys with this result. If any of us had been in RIO's position and lost the tenement, we would have had a huge case against the DOIR and its process and the courier company.

Like all investors, I have been bitten too many times to take any announcement on face value.