teflon annoucements

Hats off and kudos to the mother of all skills - making bad news sound like good news.

QUOTE:: Manager Andrew Gunst remain with us, as do key quality control, process engineering and support staff.As a result, CMQ now cannot operate its manufacturing plant as it no longer has the personnel to do so.,,,,,,,,, it will take many months from removal of the restrictions imposed under the undertakings to hire and train new employees." END OF QUOTE.
It should be: "We lost most key personnel other than Andrew Gunst and a few fat cats. It will take us many months in the unlikely event we win the court case to hire and train new personnel".

QUOTE: "Stark and Harmony opposed Chemeq’s application …. They did NOT BELIEVE IFCA was in a position to provide $60 million of funding………
One is left to speculate why Stark and Harmony would lodge Notices seeking repayment of their funds ……………. And then oppose a process that potentially could have delivered them a 100 cents in a dollar repayment.”END OF QUOTE.
It should be: IFCA and CMQ could not convince the court and the bond holders IFCA was in a position to provide $60 million funding, The terms and condition precedent of the deal raised doubts whether it was a serious proposal.
The bondholders objected to CMQ’s application to prevent CMQ from depleting the cash in hand and other assets that would reduce the dollar repayment to the bondholders.”

QUOTE: "Since the court’s decision, CMQ has maintained contact with IFCA however IFCA has not put forward any new proposal." END OF QUOTE
It should be: IFCA had discussions with the bondholders and could not provide convincing evidence they of the $80million funding. The IFCA deal is dead and buried as the condition precedents were unfulfilled. IFCA has not indicate any new proposal.

We shall soon see if the master of Teflons survive to deal another day.

Cheers