down but not out, page-11

I'd say moremoney is just plucking a scenario out of the air.

Its already proven Barnes and Grimaldi see business as a method of lining their own pockets rather than doing the right thing as ASIC / ATO have already got onto them to the tune of many millions.

Why would CHM settle for a few million?

The way I see it...CHM could be in a totally different positio now had it not been for Barnes and Grimaldi not doing what they did and MMX will probably have to balance that up.

Personally, I think its pretty stupid for MMX to go to court over this thinking CHM does not have a case as there is already enough evidence against these previous directors for ASIC etc to have roasted them so they have basically cornered themself imo.

That said.....I still wont be surprised to see a pre-court settlement offered to CHM to tune of around 5-6 million which I also believe CHM will not accept.

That 50 million figure thrown around....I'd say they might accept that and if they get it....then I see CHM well above 10c...probably well above 20c imo.


Some relevant news from 2 days ago:


http://www.theaustralian.news.com.au/business/story/0,28124,26106187-5005200,00.html


Murchison ore profit mauled despite higher outputFont

Print September 22, 2009

Article from: Australian Associated Press

IRON ore miner Murchison Metals has posted a sharp fall in annual profit despite higher production.

The result reflects a downturn in the market for the bulk commodity after Chinese steel makers curtailed output.

Murchison's net profit for the 12 months to June 30 was $732,000, down from $55.6million for the prior financial year.

Ore mined for 2008-09 was 1.65 million tonnes (Mt), up from 1.61Mt for 2007-08. A total of 1.47Mt of ore was shipped, up from 1.34Mt previously.

Murchison said its 50 per cent mining joint venture with Japan's Mitsubishi Corporation, Crosslands, maintained regular shipments to customers despite a much softer iron ore market.

"Shipment deferrals and cancellations affected most Australian producers and spot prices for iron ore fell rapidly and sharply," Murchison said. "Despite this, Crosslands maintained regular shipments throughout the year as a result of the excellent relationships established with customers over the initial years of operation at Jack Hills (in Western Australia) and the high quality of Jack Hills ore.

"Towards the end of the financial year, the Chinese steel industry showed signs of improvement."

The company said the result included a $25.9m profit from the sale of its 9.2 per cent stake in Sinosteel Corporation-controlled iron ore miner Midwest Corporation. It also accounted for $6.5m to settle litigation with former directors of Chameleon Mining plus $4.7m in various legal and consultants expenses.

Shares in Murchison closed down 3c at $1.71.