Posco and Sino have the same access to information as you or I do. Any more information would be inside information and if the directors have released this information to a select few they would have serious issues in relation to disclosure.
It seems the information that MMX are relying on is the evidence and word of Grimaldi and Barnes which is very brave. This is what would have been passed to Sino and Posco and could prove to be a total fabrication.
Posco and Sino have I believe factored a settlement price into their decision making process and view that MMX at these levels is good buying having made an allowance to deal with these matters.
If these companies suffer losses because they have relied on the representations of MMX and its board then that opens the door for another round of claims.
Cransy 12 months ago if one of the big US investment banks had been buying you would be throwing up the same arguement but look at how wrong they got so many things.
Sino is also the company that paid over $5 per share for MIS and in hindsight you can say why did they pay such as high price.
Just because an organisation is big does not make them bullet proof and always right. Having said that Sino, in control of MMX instead of Paul and his ego I think would have resulted in a mediation and settlement process.
Unfortunately Paul has painted MMX into a corner with his statements and potentially MMX faces signficant consequences.
MMX Price at posting:
66.0¢ Sentiment: None Disclosure: Not Held
