Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Yep, the damage has been done.
The assets have been transferred to Summit for a pittance and they will sell them on to get their money back.
No way back from here, someone else will legitimately buy them and COPL shareholders are history.
Can't blame Summit, they just wanted their money back.
Rodney, sounds good but this process is done and dusted, I don’t see any way forward other than legals.
It's not over yet my friend. This week is important and there are realistic reasons to be hopeful. If things are not as we'd want this week them the legals look great. One foot in front of the other. Our oppo are rich people. But they can't thwart our resolve and grit. Whatever happens this week, we press on.
Several of us alerted FCA many months ago. Total waste of time. Not fit for purpose.Im unsure what they're up to now.
By ignoring genuine alertedand by so doing hoping to protect the Company's which fund then, they've highlighted their own uselessness.
Not only that, now thousands of investors know know they're a sham organisation and I believe, ultimately they've sown the seeds of their own destruction.
Good riddance
I did smell a rat 2 years or so ago with the pinnochio stuff spouted from the fall off the chair Fart . Got slated . Oh well move on just sorry for for the genuine investors who have been well and truly shxxfted . Good luck elsewhere Bill .
RBM You had mentioned a possible rescue /?refinancing deal, is that dead in the water now?
Saintnick, a good and no doubt accurate, though disturbing, summary.
SteveV - Anavio absolutely came out on top, that was their pay off and they did it by insider dealing. Helen Keller could've spotted that so why the FCA can't is beyond me, but having met some that work there i'm not surprised. They treat it as a stepping stone to join the City spivs.
Arthur signed up to the Anavio deal, with the knowledge of his lawyers (McCarthy Tetrault) with one Robert Brant (Director) sat on our board.
https://www.mccarthy.ca/en/work/cases/copl-acquires-assets-cuda-energy-llc-us25m
Other loan sharks were available but they chose Anavio, through Tennyson and Gaffney's links as they needed people with a track record of coordinated share value destruction. Through that deal came Tom Richardson and Atul Gupta, the latter of which legged it after 2 months once his home address started being public knowledge, still is if anyone wants to pay a visit.
And why those two, well if you need proof of a coordinated scam then look no further than Tom Richardson, Lekoil and the Fenikso loan deal. Arthur knew what he was doing when he signed these guys up that's why he never once offered an equity raise to shareholders. A scam from the second he saw how much oil was at CC, like hell he was going to share that with the little people, trouble is he's lied every step of the way and one way or another he'll have to pay.
But they got the lot for nothing. Stalking horse will turn into a thoroughbred! Art is getting on so probably won't worry too much about the future
NOT incompetent management . Just GREED got the better of them
Anavio probably came out on top.
It was them that were shorting all the Anavio financed raises which destroyed the share price and COPL's ability to raise from other sources( e.g. shareholders rights issues). And also probably made it impossible for reputable RBL's to get involved once they knew we were in bed with the loan sharks
I have said it before. Arthur should never have bought CUDA with the Anavio bonds. He could have easily got enough finance from a shareholder raise. We were buying assets at a discounted rate.
Once Anavio had got involved, aided and abetted by Tom Richardson who refused to allow future funding from anyone but Anavio, the spiral continued and caused the demise.
A promising business wrecked by the money men and incompetent management.
At least we know Anavio lost the lot! Bonds and shares.
Still think it important the judge is made aware at next weeks closure meeting action is hand to pursue the key players due fraud, misconduct and negligence.
Then it is a matter of record, should the SISP have to be expunged and unpicked at a later date, which it will have to be should fraud be proved.
Still calculating that. It’s big, but we’ll keep that as a lovely surprise for the targets.
….any or all….
RBM, not interested so much in the share count per se, but can you give a ball park to the £ figure of the 500…
I’m assuming you’ll inform the court an action is in progress before the SISP closure date, if only for the record.
I note the preceding words; actual, wilful and gross are used here making the bar that little bit higher… however my reading is you don’t have go prove all 3 as they use an ‘or’ which implies any or either of the failings to me..
Thanks RBM
Definitely 100% on all three accounts of fraud, misconduct and negligence
Well done Sir
Further meetings and letters being fired off this weekend, class action launch being moved forward. Over 500 shareholders registered with Setfords so far.
OK, first concern over, this is the key clause for us. They are not protected if fraud, misconduct or negligence can be proven.
AVO
Releases
12. …claims shall be deemed to be fully, finally, irrevocably and forever waived, discharged, released, cancelled and barred as against the ‘Released Parties’; provided that nothing in this paragraph shall waive, discharge, release, cancel or bar any claims with respect to any act or omission that is determined by a court of competent jurisdiction to have constituted actual fraud, wilful misconduct or gross negligence.
Given we’ll have to prove all three anyway, then we can make a claim against any party.
I am hoping that Michael Cotter and his team and CAG have put something together and turn this around somehow
Stepford are very good at what they do and will want a quick turn around, I can't see us waiting years to get our a money back. People in there 70s and 80s have invested here and need savings back now
If fraud can be proved, then everything can be reverted as painful as it would be.
"Fraud unravels everything. The court is careful not to find fraud unless it is distinctly pleaded and proved; but once it is proved it vitiates judgments, contracts and all transactions whatsoever.” (See Lazarus Estates Ltd v Beasley [1956] 1 All ER 341, 345)
What does it matter if the CAG offer an opinion today, tomorrow or 2 weeks time? If we are embarking on a class action process it’s years so an immediate response is not always beneficial and from this point anything written shouldn’t have some legal scrutiny or oversight if it could be contentious
Stop panicking about impunity from future action.
I would assume it’s putting in place impunity that the process itself can’t be reversed as once SL have it they are free to do what they want with it and if the process is completed the impunity will be that the act of SL buying/taking it is final and not reversible.
The process would not be able to dictate that everyone involved gets a free pass from activities in the past, but it probably dictates that SL can’t suffer from any future outcomes.
Angusscott, you seem critical of the group all the time. Face it we lost our money. Only copl to blame for that, and the lies we was told
Still nothing from the group