Member Info for Piltick

"Are we keeping copies?" Gazza, I am keeping copies of some reports on my computer, but I haven't got all of them. These may come in useful at some point in the future. I think this one needs to be sent to the Government's business dept.

So it's all coming out into the open now.

If and when this thread goes down, our postings will still be available on discussthemarket.com, which is open to the public for viewing, but you will have to register on there in order to post.

4unme: No I haven't got an email from Deloitte. Presumably you don't have everyone's email addresses, so how are you sending everyone a copy? Can I suggest you put a copy on the new BB under Deloitte?

Well, Centre, that is some consolation at least!

Bear in mind it's not so easy for everyone to pop round. I live in the Scottish islands. I'm sure many of the group live further away than that, overseas. We have to rely on, and be grateful to, those who live in or around London to do the face-to-face stuff.

One (more) thing that puzzles me about this whole affair is how could so many apparently "good guys" get involved in such a monumental scam? I'm thinking of, for example, Murray John. Now he holds a senior position with Dundee Corporation, and he seems to be a highly qualified and respected person. As non-exec director, surely he must have had some idea of what was going on. So why would he stand by and let it happen? I don't know anything about Nina Shapiro, but the same thing applies - why did she stand by and let the scam happen? And AW - some people on this board thought he was a straight trustworthy chap, so what sort of mushrooms did FT feed to him to turn him into an ogre? Now we know that Miguel Perry was instrumental in setting up the PXF loan and the security that went with it, and we also suspect that he advised the Chinese how to manipulate that situation for them to take over the whole organisation, so I don't have any doubts about his position in the rogues' gallery, next to FT. But I'm a bit puzzled about Matthew Hird. Looking at this qualifications, background, experience and seniority, it is very difficult to believe that he would cross over to the other side and get involved with a bunch of crooks. (Take a look at the report that tyrion posted on the new BB under "Deloitte appointed as administrators".) He joined AML when Miguel Perry left in October 2013, and the PXF had been set up earlier that year by Perry, so Hird couldn't do anything to reverse it. Perhaps he wasn't aware of the overall plan? After all, he wasn't a director, just "Chief Accountant" in effect. I've often wondered why a company of this size didn't have a Finance Director. Perhaps FT and his cronies didn't want one, too intrusive. Perhaps they believed that Accountants should be like Victorian children "seen but not Hird (heard)". Sorry about that! So in conclusion, I'm not really sure who's side Matthew Hird is on. I'm sure the administrators will ask him.

Yes, that is more than coincidence!

Exactly 4unme, there's a lot more to be considered in the value than just the current IO price. There are physical assets with substantial value as you say, and we are talking 60 years life, not just the IO price in the next 12 months or so. It's also worth noting that although the Chinese have already invested $1.5 billion they are apparently talking about being willing to invest another $1.5 billion for development / expansion. So they must expect to get a return on all of that, which means that they consider the real value to be quite a few $billion otherwise they would just walk away from it.

Well done AIMLESS, someone needs to kick Cable into action!

What's a bot?

On our new BB, under "Deloitt Appointed as Administrators" there is an extract from an article about Matthew Hird's background, qualifications and experience. Very interesting. Perhaps we ought to discuss on the other BB.

Exactly, ChartTrader, and this is yet another reason I believe the whole affair was a set-up, because I just don't believe that Timis and/or the Board couldn't raise that amount to save the company from losing everything. And another thing - what were the non-execs doing all of this time? Playing happy families?

I've posted some thoughts about the security for the PXF Loan, on the new BB under the "Practical Questions For Legal Team". I don't really want to air these thoughts here in public, but anyone interested can have a peek at the new BB.

I want to see what conclusion the administrators come to before I dive into the depths of despair.

I'm fairly sure that there will be a day of reckoning, then there will be big red faces in UK government departments and the regulators for not taking the whole fiasco seriously earlier. I just hope the day of reckoning comes in time to do us some good.

No our shares in AML are not being transferred to SISG, or sold. SISG will be buying the 75% shares in the operating companies from AML. It's the operating companies that hold the assets, not AML. After AML is forced sell its 75% shareholding in the operating companies to SISG for peanuts, then AML will not have any share of the Tonkolili mine or the rail or the port infrastructure. SISG will own all of the operating companies, and all of the assets will still be contained in these two companies. AML will own nothing. We will still have our shares in AML, but they will have nothing.

It's not actually the physical assets that 's being auctioned here, it's AML's 75% share of the operating companies.

I've copied Brad40's media report to the administrators along with a couple of others that we've seen before. I won't pester them with any more because I'm hoping that we'll have our official group representative in place next week, and they will be heading up the contact with the administrators rather than us as individuals.

It seems some of the journalists are starting to take an interest in AML. About time too!