what can be done, page-9

Richmez , you raise a very good point this is certainly one of the greatest unknowns . WHY , when you think about it Magna has put in a bucket load of money in this , the bank is owed effectively $17m plus when you count interest and the bond to the NSW government for the mining license ( which they would get back , therefore the real debt to CBA is about $12.5m which includes interest ) . Then you have creditors that are owed $12.5m as well .

The one that has the least concern I think would be the CBA , because it can shut up shop and sell the mine with all its assets for what they are owed.

Therefore Magna' s ( or any other potential big investor for that matter) only chance would be to go to the CBA either before or after the CBA shuts up shop and offer to buy the company by paying the bank the $12.5m , then sit and wait till the sliver price improves and either open up the mine themselves or sell the mine with all its assets to someone else who will actually commence production.

In all of these cases us investors will loose and the people who are running CCU now hopefully will never get a job in the same capacity as now anywhere else . As an investor I certainly will be checking any company that I invest in that these guys are not on , otherwise I will not invest in that company no matter how good it looks.
Call me bitter , but as a long time investor , that is one of the lessons that I will take away from this experience.

Good luck to all that are still in but unless the 4-5 points mentioned in the audit report under the "Going Concern" heading are achieved in the very short period of time , sadly a potentially good company will disappear into history .

I still believe the original CEO , with his choice of board members would have saved this company, simply because he had a high emotional conection .