Where are the minutes for the first creditor meeting?, page-25

NP 4.77
BRL 3.90
COP ~3.28 (Q2 COP 4.49 at BRL 3.07)
gross daily margin ex royalties = 4.77 - 3.28 = +$1.49 = 31% margin
At TH the gross margin was 18%, the profit margin has doubled since the TH.

Why do you think they are withholding the H1 Q3 reports... accounting BS?
I propose its because it may show the stockbuild, unpaid stock deliveries, missing payments, unpaid debtors listed, COP drops, BRL buffering the NP drop by a doubling margin, production increases, grade increases, sales increases. Why else withhold them to make things look so bad so that a deal is reached favourable to the manipulators?

They don't want the wolves or ASIC or us to know? Do they think we are all that gullible? What auditor would sign off on a set of accounts that leave out missing sales, missing cash at bank or missing production? None would. Maybe the auditors refused to sign the books due to these issues and the VA has found the missing cash, liquidity and sales?

Yes the books say US$XXM cashflow but whats this in the side account for and where is this $32M unpaid delivered stock, and why havent the $22M stock levels been disclosed, it has to be recorded as a receivable & an asset with due respect. By the way we can get 2 more teams of auditors from new york and boston to check it all out.

This has to be the greatest manipulation I have ever seen to set MBN up for next years massive cashflow windfall but pretending its troubled (but its not really) just for the sake of a small CR that could've been done in 4 days like AGR.

No one is fooled, doesn't look like the VA is fooled nor the wolves. So the bluff has been called, relist and let the wolves buy on market but they don't want W BCEE doing that and increasing their shares and ramping the SP.

I think the VA just has to stamp his foot down and take the US$30M package that the board were too weak to take, abrogate the CN pre-emption rights and let the suited up bad wolves sue in court where the Judge will investigate OR they can settle up amicably now and relist and apologise and pay losses out with a higher SP or lose US$300M to the chinese/Vale in a forced sale at US$200M.

The VA stated he was getting a new valuation of MBN, last time it was US$250M now likely at US$350M+ at lower debt, higher margins, higher goodwill, larger plant & equipment values (US$60M higher tailings dam investment)...any of you wolves want to spend another US$300M? Didn't think so, so US$30M- $60M is a lot cheaper right?

If they want it private they can launch a bid with the VA to mop up the remaining 30% but W BCEE wont agree to 14c they want 40c so they have a blocking stake of 16.5% and we HC rebels have a blocking stake of 7% on top of that plus many US NHs in at 41c -60c will not want to accept anything less than that anyway so here is the rub. It cant go private, it cant go bust and it cant get fresh equity/debt without agreement apparently unless the VA or a Judge decides logically that's whats needed ...

Imagine if they relisted with a US$60M debt package with no CN 2019 anymore and the wolves had to buy shares on market from us? What would happen to the SP?

So W BCEE need to up their US$30M offer to US$56M using debt and its done, the CN is paid out, banco debt rolled over and cash increased to +US$8M. The bank loses! W & BCEE & HC rebels takeover the Board and retain "innocent" management and the case goes to the Supreme Court anyway where they may get interrogated.

I have thought this through morning to night for 2 months and it still doesn't make any sense. They ought to have taken and allowed the US$30M as now they are in a terribly worse position facing off with a VA, the mbn class action & maybe a Perth Judge who will unlikely be happy about the DOCA nor this unreasonable refusal and manipulation. Imagine what W & BCEE can put forward in submissions to the Judge (fictional)...

W SENIOR COUNSEL
Your Honour
We offered US$30M fresh debt and equity, they agreed then pulled out at signing stage after a deed was prepared, they breached the deal, we did DD and found MBN is highly solvent and highly profitable and highly liquid but the cash is being deferred in unpaid deliveries and the CN holders wont agree to a share dilutionor new funding. They cant have it both ways and benefit from their malfeasance, they cannot be allowed to destroy value or unreasonably consent!

LOCAL JUDGE
Yes wolfie, why didn't you take the US$30M, I read your papers and it sounds like you want to prevent these new investors buying in bc you shafted all the Aust investors in the DOCA and think you won but in fact you have lost control now. You seem to think the ASX rules are irrelevant like on Wall Street but rest assured our laws and legal fraternity are globally legendary so I don't think there is any good reason to keep this pretence going and causing yourself and all others major losses. Why should the Aust holders suffer again, they are not your punching bag

WOLF JUNIOR COUNSEL
Your Honour, We believed the NP was collapsing and liquidity was needed, we want to keep our CNs as is

His Honour
But it didn't and its risen 14% now and the COP dropped by double that ratio and the CFO & VA both say there is no illiquidity, and as for your CNs you exercised your rights and I can give you 500M shares now and your CN & debt is discharged or you can agree to the US$30M now & I may reinstate the CN to 2020 by order, take a pick, do you have any other excuses to present me with now? Didn't think so. Times up.

to be continued.....