who are the bad guys, page-9

Seeing as the rig equipment was sold at a return of around 5c in the dollar by the board did they expect to lose possession of the rig anyway knowing that it would cost over $15m to re rig it out?


Is there a plan anywhere for the ‘new’ CKK to spend 1c on the Warren Strange rig now that he has it back?


read about the new plan in depth here

http://firstgroup.com.au/

As far as I am aware the board has nothing to do with Warren Strange or his rig although Warren Strange at his own is prepared to 'prove' the rig and at a later stage the new and improved CKK may have use for it but that is not a given and it would only be if the rig fitted in with the business plan at the time and could achieve what it promises.

There were too many unanswered questions about the rig capabilities and we know that the Newcrest failure was management driven by not using the right equipment. The Whicher drill didn't happen because the company wouldn't by the required equipment so I definately supported Warren in taking back his drill. The company was not only destroying shareholder value but they were also destroying his IP as well. In the IP agreement the company had to stump up about $20m for another two rigs. They didn't have the cash and rather than work with Strange they worked against him.

B1 and B2 even posted on HC under one of their employees nick names unknown to that employee at the time. ( I can't elaborate more on that as there is probably legal actions pending)

If the board had a plan other than to collect director fees why is that plan not in action?

It isn't as if this all just happened a few months back.

No contracts still for the CLRS?

No income?

The failed CEO gets put on the board????

What is Cygnets plan?

Where is Cygnets plan?

How many other companies are there that Cygnet and some of the current board members are involved in that are non income producing yet provide fat director fees?

But lets not make this a witch hunt about the negatives. Everyone can see poor performance. Lets see who is offering the best future and who is believable.

Cygnet can and will attempt to control the company by getting as many investors as they can to convert the notes into shares no doubt. It becomes a game of control. However they have had control. That's why the rig wasn't set up correctly. That's why Strange left. That's why the company is being sued for breach of IP licence. They had control and produced nothing.