Winding Up Meeting 13 June

I have made a detailed analysis of the VAs report dated 2 June 2016.

The VA has called a meeting to windup MBN on 13 June as reported by ccdavid with a mere 10 days notice (very short) without notice to the ASX.

No DOCA2.0 was proposed, no application to extend has been made, he has blown the cash on legal fees, himself doing not much and flying to Hong Kong etc.
He cannot propose a DOCA2.0 as none has been offered. Just as I expected.

The claytons creditors refused a US$30M rescue funding in August, refused debt from their Guggeheim chairman, refused to keep ASX trading and by shuttering and selling stockpiles have slashed expenses but also slashed income.

Instead of taking shares for debt like they did in 2013 they wont agree to any more debt or debt dilution instead if they want to have the VA sell it for nothing to brasil & the chinese then USNHs will get nothing.
Yet the VA VR havent been able to sell it anyway so selling it now will mean they lose it anyway unless they take it private or delay further.

Remember that we the ASX investing public were told orally and in ASX announcements that MBN was:-
- safe & stable
- had sufficient liquidity for all of 2015
- had offtake sales "fully committed"for all of 2015
- was profit producing (Q2 5.40 -4.49) and the COP was buffered by the BRL
- would have US$100M cash at bank by 31 Dec 2015
- had other sources of funding available to it (2 of which were refused inc Guggenheim debt & US$30M funding)

These claytons creditors cared more about their massive shares & avoiding their dilution than their claytons debt so they must realise in liquidation, the shares are worthless and that means Abbott, Guggenheim, BCEE,Wellington HC Rebels & Natnom2 will lose over US$100M just among them in that event.

If BNYM is really trying to shaft these other shareholders and USNHs then expect a serious response soon.
Why would these others UNSHs agree to allow BNYM to run the creditors committee solely if they will be shafted by them? All these great banks & hedge funds have great teams of lawyers.

Why did they invite the ASX public in July 2014 and again in Feb 2015 to August 2015 to invest in MBN if it was insolvent or worthless & not warn them at all, in fact tell them the exact opposite!

I note none of these VA notices have been announced to the ASX at all, another breach of ASX laws.

If the end game has been called on fast, expect some response or the chinese & brasilians may well get MBN for nothing like they always wanted & the USNHs will lose the lot.
That doesnt make sense to me.
If it were me, i would hold on to it for 7 years until the NP improved rather than lose US$500M now.
Doesnt seem like that would be their plan to me.

The VA seems fed up with these claytons creditors not taking him seriously and delaying and disregarding Aust laws like this.

So we should see -
- court applications flying
- delays to the meeting on any excuses
- a bid for 14c with an injunction
- a move to take it private
- class litigation by many HC Rebels & USNHs inc Wellington, Abbott, BCEE, Natnom2 for massive losses
- a buyer appears miraculously
- or we all lose our money & the chinese & brasilians get US$1B of mine resources & infrastructure for nothing!

Lets see what happens now! The gauntlet has been thrown down.