Barnes and Grimaldi who between them controlled CHM and Nicu(now called MMX) misused their position in CHM to gain an advantage for themselves and MMX.
The key to this case will be the underlying transactions and if they were in the best interests of CHM. Were the shares issued for a legitimate purpose or merely to get cash into MMX.
You cannot use your position as a director of a company to gain advantage for yourselves and related entity.
Perhaps MMX supporters should have a read of the recent Streeter decision about the consequences of misuse of a directors position and what compensation the judge ordered.
If CHM cash had not been raided and if the dodgy share issues not made would MMX have been able to acquire IO assets ?
MMX Price at posting:
$1.44 Sentiment: None Disclosure: Not Held
