MBN 0.00% 8.3¢ mirabela nickel limited

NO ...... Unless you can get enough shares together for a Class...

  1. 2,649 Posts.
    lightbulb Created with Sketch. 187
    NO ......

    Unless you can get enough shares together for a Class action......

    Most class action funders would be investing 2-$4m to fight a case like this and they would run mock trials and would also need 80% g/tee of the result being a success...

    We had less than 15m shares on aggregate and we would need around 10 x that amount for a funder (no win no fee)to be interested....

    We all know the secured creditors and directors were working together and not for all sh's because keeping this going should of been paramount and that was not the case.....Putting it in VA was the plan all along if NI dropped and they couldnt lose....

    $8m in the bank when VA was called and 5 months later Norlisk payed $25m for a shipment(that was delayed)of NI........

    There was absolutely no need to call in VA, but they did and resigned quickly thereafter with NO reasons given whatsoever, this as we know made all debts payable and their plan plan to sell and make money is now where we are at, yes hindsight is a wonderful thing but they dont work that way.....

    We looked at a class action, our QC said it stinks to high heaven but the complexities of the DOCA and intentions of directors is mostly covered by the dropping of NI price....Yes they could of and should of done more to keep MBN alive but they cannot put a class action together unless they can prove complete wrong doings/fraud/misconduct, you cannot sue for directoirs using bad judgement or making a wrong call....

    I wish more people came forward sooner and we might have had more shares to work with and maybe some more insight closer to the board....Some stuff that we got given to us was just breathtaking on the way this was set up....Disgusting in a word.....

    KM.....imho are just as bad and knew everything that went on before and after VA...no stone left unturned
 
watchlist Created with Sketch. Add MBN (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.