chm win but < than $50m and become worthless, page-4

re: chm win but < than $50m and become wort... Sorry PaulieG

The "you" I was referring to was a number of MMX holders who always refer to an amount of cash.

They ignore or dismiss out of hand that CHM have asked for the shares in Crossland to be put into a constructive trust partly for CHM benefit.

I am still trying to get my head around the 500k to Winterfall that was paid by July 2004.

This was before MMX took Winterfall over as they took over with an obligation to pay 500k more but 500k had been paid.

Something I hadnt fully thought through.

So someone paid the 500k which I believe included the CHM cheques to the vendors. It wasnt MMX as they have never reported paying this amount. Alternatively they must as part of their defence be saying that the disclosure documents are incorrect.

I think what CHM are saying is that they should have been in Winterfall because they paid the critical cash payments through Winterfall to the IO vendors.

To extend their claim they are saying I guess that as Grimaldi was a defacto director and Barnes a director the spotters fee should have flowed to CHM not the individuals.

So if CHM had been in Winterfall as a participant what would of that seed stake have been worth. I think the number may be rather large.

Glyna had come to such a low number as it included the shares that were issued to Winterfall. But a proportion of those I think CHM are saying belong to them because they should have been part of Winterfall and participated in the reverse takeover.

MMX dont disclose they made the 500k payment. Yet when I think it was Zuks took the stand the papers reported him as saying that he questioned why they were CHM cheques. So MMX through some means are it appears ensuring the 500k payments Winterfall are paying to the vendors are getting paid without it ever appearing through MMX.

None of it adds up when you try and follow the disclosure documents of MMX.

From what I can follow I can see why CHM is asking for a constructive trust.