re: rincon, page-30

Rincon Lithium was the jewel of the company. The mine sat on a significant share of the global lithium supply and ADY sold it off for a meager USD$22MM? (2.2 US cents per share)

So, I understand ADY honoured the commitment to repay Hawkswood, as it should. But, why the firesale? The directors knew that repayment was due in September, they knew about the global credit crisis and they knew they wouldn't be able to issue additional shares well in advance.

Where's the surprise?

These incompetents destroyed shareholder value, sold Rincon Lithium at below fair value and rewarded themselves excessively.

To put matters into perspective, in FY 2008, the consolidated company LOST $46MM before taxes. In this time, Phillip Thomas was paid $511,825 in salary & fees with an additional $2.77 million in options (with no strings attached) that he exercised immediately!

That's right, Phillip Thomas, Managing Director of Admiralty Resources, was payed nearly $3.3M in FY 2008 for the fine work he did for us all. Imagine, $3.3M would have repaid 1/3 of the Hawkswood debt.