Member Info for gorsuch

I think PW just informed you Lupi,

He obviously didn't see the sarcasm aimed at SML in your post.

I don't think AB would want to revisit the site of his abject failure, the fact he managed to find some gullible people to buy his half, that's what helps him sleep at night but if that doesn't work, he probably counts the 000's in his bank account and goes to sleep contented.

This is what CRL has to say about Brett.

Brett is a southwest based Geologist with more than 20 years’ experience in exploration and mining project development.

He has played a leading role in projects in Europe, the Middle East, and Africa, including in taking projects from early exploration through feasibility and into development.

That doesn't sound like someone who is not proactive, so what insider information do you have to come to that conclusion, all his recent interviews and talks don't give that impression. Sounds more like he got fed up of working for a non proactive set up, if as you say he was useless at his job, why has Kavango so eagerly employed him.

It's very rare you see the words "SML and Proactive" in the same sentence.

Jam2morrow,

Brenda did indeed pay for more magnetite than she actually collected, so what is the problem you ask, the problem is, our inept BoD spent all the money put aside for buying 50% of Redmoor on LCCM, because they stupidly thought Brenda was going to give them another $4 mil, since then we have been in a death spiral.

Bitcoiner,

I'm sorry to say that the SML plane you are waiting to land, it crashed about two years ago into the mountain of light.

She didn't sell it on, I believe she had it stored on a ranch? but when she stopped paying for the storage, the ranch owner sold it to cover his losses.

It can't ever be SML's again even if it were still there, because she paid for all she received, in fact she paid for more than she actually got.

Thanks for the link Prop, there’s some interesting information on pages 36 & 37 of the receivers report, it concerns Richard Galvin and all his associated companies, this is the guy who I first thought was our major client, but then after I found Brenda I never gave him another thought.

Galvin has always been a crook in the business world, twice that I know off he’s been found guilty of blatant breach of contracts, even so, someone at SMG or SML still signed a contract with him for 350,000 tons of magnetite over several years, at a minimum of 2,000 tons per month.

That deal fell through, because he couldn’t supply a letter of credit for a mere $100k, so he then put forward Brenda to do the deal instead, by doubling the monthly amount to a minimum 4,000 tons per month, SML couldn’t sign up fast enough.

Nobody to my knowledge has ever explained what Brenda and Galvin had to gain; she bought the magnetite by paying up front, then paid for the storage but never actually used it, so for an experienced con woman that doesn’t make much sense.

If somebody had done some due diligence, or even just Googled Brenda and Galvin, they probably would never have signed these contracts, or taken their word about paying up, although the real crime here is our BoD spending the money we never had, or were ever likely to get.

SMG filed a Petition for an Order Confirming the Arbitration Award in the District Court, but the Receiver filed a Notice of Stay in that action.

Until the receiver removes the "Stay" our $22mil is null and void, without a courts decision to confirm the arbitration award, it's worthless, hence I don't think we are even in the line for a pay out.

Dilution of 1.2bn shares to 2.1bn shares doesn’t look or sound much different, but when you break it down to an extra 900 million more shares been issued, then ask the question what have they actually achieved, apart from lowering the share price to make it look like a multi bagger in reverse.

I notice Alan Broome's name doesn't appear in the list of director buys, most people on here hold more shares than him, he is an utter disgrace.

Quote: one doesn't need a global bank for SML level finance....................

I quite agree, I have bank accounts with HSBC and Barclay's in the UK, they are both classed as " Top Global Banks" and yet I could go to either of them for a 50k loan, but even that amount would require them to do a modicum of due diligence.

JP said, "loan facility being progressed with a top global bank"

Basically he said that to make it sound more like some worldwide mega bank deal, just to make it look like he had done something useful with his time.

There’s a problem with that scenario Lupidog, if the bank comes back with a big fat NO, the BoD are never likely to tell us the truth.

Can you see the BoD putting out an RNS that’s negative against themselves? I can just see it now.

Dear investors, we inform you that the bank has said no, the reasons are they say that the mine is a dud, also they thought the BoD were a group of money grabbing fairies living in cuckoo land, but the good news is we can keep the Due Diligence report, which might come in handy and they won't charge us for it.

I don’t see what difference it makes which quarter they tell us, we already know it will not happen because for at least the last 3 years, every single timeline the BoD have ever put into an RNS regarding LCCM they have failed to meet.

I never used to be, but now I’m quite happy for the rampers to turn up, none of what they actually have to say is based on facts, but the chances are it might just help nudge up the share price, in which case some of us LTH can happily jump off this gravy train.

AB. Hey John I hear you might have found someone to stump up 10mil

JP. They won’t confirm it yet but I know it’s in the bag, they just need to do some due diligence

PW. What’s this due diligence that people keep talking about

AB. I think it’s where they have to fly over a mine to make sure it looks OK

PW. Well done John, keep your phone on just in case they send you a text

It's not so much a case of do we top up, for the people on this board it's more a case of do they average down.

Somewhere in a parallel universe it may have happened.

Croutom (Alias Peter Wale)

( If you have holdings now surely it's best just to hold & wait )

( I think it would be hasty to sell a small undervalued company sitting on a mound of revenue )

( even if it's delayed by 3 months, 6 months, I think holding onto this is a better idea than selling )

( If this is the case the copper could be sold for more after delays )

Three times in two recent posts you have suggested people should hold and not sell, is that possibly because you know it would drop the price, which would be bad right now, especially if SML were thinking of making a placing?

Also in the same two posts you highlight the delays, is that just to forewarn us, a bit like Boris does when he has bad news coming, or is it instead of giving us a proper RNS which would also drop the price, making a placing look even worse.

Fira,

She obviously used stolen money to pay SMG, so they could possibly ask for some of the cash back that she paid, but only equivalent to the amount of magnetite she paid for but never received.

The thing is she basically conned 40 investors who are still owed over 60 mil, whereas I think we are possibly one of the few that she didn't actually steal any money from, so to me that will put us way down the pecking order for any recompense.

Bubble, I don't normally re-post from the past, but I will make an exception for you, so that you can see that we still don't have any legal claim to Brenda's assets.
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Basically the judgment “STAY” is still in place.

The method for seeking to "enforce" an arbitration award under the Federal Act, is to file a motion for confirmation in the appropriate court. That court must grant the motion and enter judgment on the confirmation order.
The “STAY” stops SMG’s court case for enforcement confirmation from proceeding, that is why SMG put in an appeal to have it overturned (which was denied), because without a confirmation order they have no real legal right to Brenda's assets.

The receiver did say:
He has taken note of SMG’s position and will take it under consideration in recommending a claims procedure to the Court at the appropriate time, when the Receivership has marshalled sufficient assets for a meaningful distribution.

Taken from the initial court papers last year:
Since the Fund's inception, Smith raised approximately $105 million from “at least” 40 investors, and investors are still owed “more than” $63 million in principal.
The amount so far retrieved is less than $10 mil.

As Lupi has already stated, the magnetite Brenda bought and collected has basically vanished, but the receiver's view of our claim is interesting, because we still have magnetite that belongs to Brenda as she paid for it, which in law becomes part of her assets.

Quote by receiver:
Upon information and belief, CVI did not actually receive any magnetite for which it failed to pay; rather, it failed to purchase the full amount of magnetite required by the PSA. It is further believed that some of the magnetite paid for by CVI was retained by SMG.

R?????T???F????? should read. RememberingTheFuture