The whole 439A report looks like a white wash to me and causes...

The whole 439A report looks like a white wash to me and causes me to question the veracity of any claim of independence by the administrator

I fully agree with the administrator that failure of the company was due to

1. A lack of adequate project design and controls

But I must question the veracity of his second claim that it was also due to

2. Significant falls in the prices of copper, nickel and cobalt

A fall in metal prices could surely only impact the bottom line IF they were actually producing metals in a worthwhile amount because it would be reflected in lower prices being recieved - How the hell can a fall in metal prics contribute to failure when they weren't producing metals in any worthwhile numbers so had stuff all product to sell - utter bloody nonsense

Why would the administrator highlight the resignations of Cohen, Chapel and Humphreys and elaborate on why they resigned when these reasons had already been released to the market AND YET FAIL COMPLETLY to dedicate any words to the departure of Girgensohn - the only truly inde[endent director - particularly given the date and abruptness of his resignation just when all this stuff started to surface.

From my reading of the 439A report it is a disgrace - it looks like a sham - a white wash in the extreme!

Few if any of the most daming points raised by shareholders have been addressed despte FH being given a thourogh briefing of the concerns that we see as having led CMR to where it is today

How can the administrator in good faith recommend creditors accept a DOCA put forward by those who were at the helm when the company hit the rocks untill the administrator has full investigated those concerns and fully informed those creditors of the reasons in detail for the company's failure