Instead of the conspiracy theorists I will try and explain that one.
One of the co-defendents Greg Barnes settled the matter for $6 million.
Beyond the statement that the litegation funding agreement was within normal market terms CHM have never told the market the exact terms.
This used to bother me until someone explained that it didnt add anything to market knowledge because unless CHM were prepared to give an estimate of total expected winnings which they were not then giving exact percentages did not add to informing the market.
(MMX are hoping to sell 50% of IO project for over 1 billion so the value of CHM award could he huge but CHM have continually refused to speculate)
It now appears that if CHM have their way they can terminate the agreement and payout the funder so we may never know the exact terms.
Anyway in litegation funding the first thing that gets paid is the legal costs. Have a look at the various MMX cashflow statements and you can see that it is millions spent on defence so the $6 million would have gone to the funder in his costs.
It appears from the CFE facility another 6.5 million was needed to payout funder.
We will hear how the latest court stoush went today I assume.
CHM Price at posting:
9.2¢ Sentiment: Buy Disclosure: Held
