“10,000 to 1” Is (as stated) for example purposes only. I’m Not...

“10,000 to 1”
Is (as stated) for example purposes only.

I’m Not Saying that will be the case, as you suggest.

I used that example as it’s extreme and easy to calculate. That’s all. – Change the ratio, 100 to 1, 50 to 1, 10 to 1 or whatever - the intent of the post remains the same, your shares will be Worthless or at least Worth (a lot) less than what they currently are.

As you say – who knows what a new BoD might do (assuming CMY gets sold with this DOCA), best case (unheard of) they won’t consolidate the registry at all, we’ll resume trading and our shares will be worth what they are now. I seriously doubt that – but that’s my opinion – why would any new BoD want to have 1Bil shares on the registry, owned by people who invested when it was run by the previous mob? If it were my company, I’d want my own loyal shareholders in the fold and try to consolidate the current registry as much as possible. I’m not trying to be negative/pessimistic, but I don’t believe in ‘false hope’ here.

Besides, I only started posting on CMY recently because I saw a glimmer of hope with the idea of the 249D process being floated. This, to me, was the best possible outcome for salvaging as much of my loss as possible. I can’t see this getting up however, I floated the idea with a couple of candidates that may want to take on a mining shell with a say, $3M Market Cap, but got no bites:

The response I got was “Why waste time, effort (and therefore money) with a 249D, which may not even be successful, when I could make an offer of $100k, $150k to the administrators and just buy CMY as a shell?... [and then consolidate the registry].


In all honesty – I’m looking after my own self-interests here – unless between us retail holders we can commence (and win) a 249D process by:

Get someone (with enough time, effort, drive – and thus probably a large holding to):

1. Find and nominate a willing, BoD (with a good reputation) who wants to take on an ASX Shell.
2. Collect details of 5% of holders to commence the 249D.
3. Get information of holders on the entire registry (from administrators).
4. Proactively attempt to contact all holders on the registry to gain support.
5. Get least 50% of the votes cast (possibly 30-40% of the registry).
6. New BoD take ownership of CMY and then sort out all the debts, mess etc left behind.
7. Resume trading and run a business (with the current assets CMY do have? Or pursue something new with a CR?)

I’ll 100% support someone with the above, but just not worth me pursuing this with my tiny holding, which I can afford to lose – sorry there’s not much in this for me.

Cheers
MSN