Gee yesterday I got asked what I was smoking by some anti CHM posters but looking at some of these posts I would have to say that there are a lot of people having a big suck on the drug called denial.
When a lender puts a receiver in they get to sell property unless the borrower can pay out lender.
Have a read of the judges decision.
Funder wanted ealy termination fee which was $9 million plus legal costs plus still wanted share of final proceeds plus legal costs again.
Judge says no sorry you get legals plus $9 million and then you have gone.
CHM breach was that it disclosed funding agreement to CFE so that explains why CHM never told market what funder was getting as funder wanted it kept secret.
By the way Glyna your mail got it wrong about 66%. It started out at 25% and the longer it took it increased to now it would have been 40%.
Reason CHM wanted to terminate agreement was that MMX went straight to funder and offered a settlement and funder wanted to accept and CHM didnt.
So CHM went and found funds to pay out according to what they believed was due which judge has agreed with.
I am guessing that CHM will be pushing to get funder to account for $6 million and then will pay out receiver from CFE facility plus funds from share issue.
Now back to the main game of waiting for judges decision in MMX case.
As some one said yesterday these guys just keep battling on.
The one thing I dont understand is how did CHM lawyers in the main case become funders lawyers in this sideshow. Isnt that a conflict of interest ?
CHM Price at posting:
9.2¢ Sentiment: Buy Disclosure: Held
