Hi
@gbar72 – This is going to be a long one.
So if you or anyone else does not like “essays,” then this is where you stop reading.
1) Inner circle
You say that there was no inner circle. At the same time, in your comment, you confidently state that Catlow (Chairman) fired Brad. Well,
if you are not part of an inner circle, then how would you know this?
Also refer the past comment of mine just linked again today by
@king louie
http://hotcopper.com.au/threads/consolidated-minerals-and-regent-pacific.2661750/#.VuI_EXLUj
Your name features prominently there, and you have access to a lot of info that other shareholders don’t have – eg. points 4, 8, etc.. Note that this is not an accusation and I don’t personally have an issue with this, so long as major shareholders are not acting on the inner scoop. On the contrary, I was grateful for additional info that we were receiving.
But to say that there is no inner circle is just downright ridiculous.
2) Higgo, Catlow, Alf etc
Firstly, let me get this straight. None of my points are accusations against anyone.
I have issues with decisions made and some of the decisions in the recent past were IMO downright horrific, and I pointed some of them as they were being made. This does not even made that Higgo, Catlow etc. made them.
It is possible that they were pressurized by major shareholder/(s) into making them, including new shareholders who could have come in the end and were taking major stakes. That is why top 20 was so important to know who is calling the shots.
So, I really hope that Higgo and Catlow are reading my comment, and IMO, if they were pressurized into making controversial decisions like hiding top 20, etc. they should have refused. Quite frankly, I don’t know who took the decisions in the last few months but I don’t agree with many of them. It is the decisions that I have a problem with. I’ve also pointed out earlier that IMO, the directors’ musical chairs needs to stop and I hope that Garth is given a chance. I can’t say whether I was right of wrong but just clarifying that I don’t have issues with anybody in particular.
If Catlow and Garth were pressurised, then they should be telling us if any top 20 pressurised them in making the decisions.
3) BB firing, messiah, blah blah blah
I’m wary when people twist words to debate topics,
and especially when I've clearly explained this many times earlier. Gbar states that BB was fired by Catlow. HC is having troubles today and past comments cannot be easily accessed; so I can’t give links today.
But did you not state earlier that you and your good friend, Lee Miller were ready to walk in and get BB fired, and actually had the document ready? Also didn’t others say that Jenks flew in directly to get BB fired? So what is the deal really? Now it was Catlow’s decision?
And then you twist my words to say that I am suggesting that BB was a messiah. What was so confusing about my comment earlier this week and many times earlier where I’ve clearly explained that
my main issue is with the timing and crude manner in which BB was removed.
http://hotcopper.com.au/threads/mitchell-drilling.2719108/page-33?post_id=17200813
I pointed out to you around that time in December that it is unbecoming for a top 20 shareholder to spend every single minute insulting the MD of his company, and how all that will damage shareholder confidence. Was I wrong?
How can any shareholders have confidence when directors/ top 20 shareholders / brokers seem to be at each others throats. One day before the admin, I pointed out the same thing on our neighbour’s forum, telling them that that was the main difference between them and us, along with cash and insto support.
You claim that anyone who does not have issues with BB must have some special red phone to call BB to get the scoop. Others words of yours –
“This is the issue here there is still the old BB brigade who believe he has done no wrong, talk about inside trading - are you all upset because you don't get the mail to make your trade money anymore.. you see it is normally the ones making the allegations that are the ones who are hiding something.” –
@gbar72
Well gbar, let that be investigated I say. I mean how dare we ask for the top 20 right? That is some inner scoop and part of the cone of silence? Like I said, let that me investigated if anyone was getting some inside scoop. Are you so confident about an investigation into decision to hide top 20?
4) Top 20
I can’t link to the comment right now because of HC issues but as you know,
I recently pointed out to you that you had “held and buy” disclosure around Feb 13 and then you directly commented after a break after 2 weeks with a “not held” disclosure. In other words you completely sold out, after telling people to buy. Also clearly Jenks sold out a lot in Feb. So was it really a conspiracy theory when I stated earlier that top 20 has to be published regularly as earlier because IMO, there are / are going to be material changes to the Top 20.
If nothing to hide, then why desperately try to downplay the hiding of the top 20, and call it irrelevant. Oh, and top 20 now is meaningless, because what I wanted was the regular movement.
If TON comes back at 2c, then someone who has sold earlier at 10 c can easily buy back the same shares at 20% of the cost and pretend that there was no change all along. The fact is that a conscious decision was made to hide top 20 at a most critical time. You said recently that shareholders won’t have an issue with TON coming back at 2c, and at least they would get back some money. Incorrect. You might not have an issue since you sold off earlier. Other shareholders would be crushed.
If I knew for sure that top 20 shareholders were selling, I would have definitely had second thoughts about my investment. Sorry to say that I was trusting despite having some serious doubts. Lesson well learnt, I assure you.
5) Sequence of events in last few months
Clearly explained by me over here how some of the recent decisions could have caused the admin, with a breakup of cash and liabilities.
http://hotcopper.com.au/threads/mitchell-drilling.2719108/page-33?post_id=17200813
Rough estimate was as per prospectus dated December 22. So, there are no past skeletons at all, and if anything of the past was there, then that was a failure to declare it in the prospectus in recent times.
So, no, I won’t have egg on my face even if there is something else that I did not include there.
In any case, I clearly pointed out that we were already going short of cash and we are in admin due to liabilities exceeding cash. So, once more, it is a failure in recent times to raise enough cash, or to even do some estimate.
BB’s hasty dismissal (something you supported) caused a liability of 0.6 million which did not exist. No we have an administrator’s fee liability of 0.2 million. No past skeletons here again but recent decisions.
Relations with GMP, the only broker supporting our capital raisings deteriorated (something you supported again). I cannot understand why on earth, would TON damage relations with the only one giving us cash, and at the most critical make or break time.
Several other decisions all in recent times, and have nothing to do with past events / skeletons.
6) Liabilities
People need to understand what are liabilities here. I’m not sure and have not looked in deep but at first glance amounts still payable to Grafex and amounts payable to YXGC might not liabilities. Also note that neither of them have been mentioned in the prospectus as liabilities and if they are, then the disclosure could be flawed. In any case, let us wait and watch.
A liability is typically a
present obligation arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits. There has to be a present obligation.
Also if the company felt that a liability is there and booked it, then what was the corresponding entry. Loans typically have debit cash and credit debt. Fixed assets purchase have debit fixed asset and credit supplier of fixed asset. Services typically have debit P&L (service expense) and credit service provider.
So what was debited in the above cases if there was a liability booked. And why is not appearing in the prospectus list of liabilities or notes.
7) Essays
Lastly, the cheap shot about my essays.
Now cheap shots about my essays, coloured font, bolding, underlining , etc. just motivate me more to do the same. So feel free to do it all you want. Also the cheap shot about me holding was unwarranted. Around the time of the CR, did you not make several posts about how the company needs money and convincing shareholders to participate in the CR? Did you participate yourself? Well at least, I did not do anything of the sort.
Also while you were blaming GMP and Brad for dumping shares, you were selling despite having a buy sentiment. So really, gbar you should not be throwing stones at me here, for being gullible enough to hold on.
8) Conclusion
So to conclude, we are in this situation mainly because of cash management in recent times was not given importance. Too much has happened to TON in the past to dismiss conspiracy theories.
All I know is some very shady events have happened. Certain things like hiding top 20 is inexcusable. I’m not fingers at anybody but the decisions do not make sense. Once more, not pointing fingers at ANYBODY, but dismissing issues is IMO ridiculous.
I read the comment in the morning itself while out, but could not care less about replying or proving anything. What I warned about has already happened; so anyone criticising me has egg on their face. Going forward too, I’ll try to limit myself to 1-2 posts a day, if commenting. I have no time for back and forth silly debates. That was so 2015!