AAM has a fuzzy agreement with Watpac with charge over southern...

AAM has a fuzzy agreement with Watpac with charge over southern assets but will be extremely reluctant to see northern tenements go.
A recalcitrant board has done little in 8 months except to blame the previous MD for all and sundry. The board has serious issues of non-disclosure and shocking financial reporting.
Cover ups and incompetence has meant there has been a 5 month delay of Alpha to start of the wet season and the JORC resource has been smashed.
The company has the baggage of the chairman's own law firm which gets healthier as AAM's plight worsens.(We investors do not see how much AAM are paying Hunt&Humpry)
Liabilties are increasing. Theres been no or limited production for weeks if not more than a month.

Whatever value that is left is being eroded.