George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
As I said at the beginning of this PK was a process monkey and cared not a jot. His task was to ensure the stalking horse bid was successful, that includes not being challenged and out bid. By underselling and lax marketing he achieved that.
His role was the final one in the scam all whilst hiding in plain sight as a court protected CRO. Although he has left himself exposed by effectively lying on his affidavits. He accepted the role before the public foreclosure announcement, ergo before it was needed, it must have had extensive lead in times measured in months to be able to accept and churn out the information packs in the timescale.
He might not have started this but his job was to shut it down, which he has.
Let the dogs loose..
Certainly worth highlighting as he’s late to the game the engineered scam pantomime he’s entered.
Whilst BP just want their $11m back the fact they’ve unwittingly been dragged into an unethical scam might actually mean they might go further than just their owed coin to protect and uphold their good name, lest it be tarred by this lot. The byproduct of that could help us greatly.
Ryan 100% agree.
Get the process stopped, BP have flagged the SISP process does not stand up to scrutiny and fails in law too.
Get the asset sold by all means, but it needs to be fair value., not a continuation of the current scam.
None of the above stops a subsequent class action.
….. but it was made at the meeting and not after judgement, ergo it makes it no less valid. A bit frustrating nonetheless if you are trying to shut it down quickly but a point of law is a point of law regardless. I’m actually a bit surprised he’s effectively joined the steam roller club.
Anyone know if Arthur shares the same car/golf/country club as this judge..
The fact that BP raised a point of law in the process means it is open to reversal as that is, as far as I recall, one of the only routes in halting the current process.
The judge is opening himself up whilst conveniently assisting the scammers…
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.
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..
Stas, might thoughts too as I voiced last night.
Not only have they juggernauted the sale process through to prevent any meaningful bid be made they are now trying to expedite closure that prevents redress.
I sincerely hope the SAG are on top of this.
Another telling fact is they reached out to 137 parties, but only 4 could bring themselves to signing the NDA to view the data room.
Was that due to the timescales offered? Was it getting internal governance to agree the NDA on the table?
I do know that the bigger the company the longer it takes to agree even a simple NDA, let alone go on to bid.
Was it there is nothing worth buying, without even viewing the data?
The game plan imho was to ensure no one would or could have bid by the simple action of setting unfeasibly short timelines.
As said when this all started; the timescales afforded by this process precluded any serious bids. It is just the final play in a scheme set in motion last year.
I’m a little concerned that they are including protection for all previous and present directors as part of concluding this action though. Not sure that can be right?
LTH’s either need a bidding war or to win a significant damages claim to coming close to recoup losses.
The final stage of the master plan to deprive SH’s has all but closed out the former by proposing a too short a window for the big boys to agree a NDA and then do DD in the timescales. Very disappointed in the judge rubber stamping that schedule through tbh.
That leaves the claims route which frankly will take years unless settled early in lieu of court action.