zombie wec directors have no new plot, page-3

There are problems in that Bayan may not pay up even if WEC win their court case in Singapore and an expected appeal.

If that happens WEC would have to go to the International Court and I would expect an outcome in 2015.

WEC can apply for Bayan's share holding in Kangaroo Resources to the Australian Federal Court, though there would be an appeal if WEC won that case. Further complicated by Kangaroo's interests being in Indonesia.

Low coal prices and heavy stockpiling by China has made Indonesian coal mines less profitable and Bayan will put the case that Tabang would have been a loss maker and the technology had not been proven, and holdups made them make the move to sell low grade coal into the market.

WEC have a stronger case in that Bayan had to supply coal at $40 per tonne regardless, as they signed an agreement to do so.

WEC's hope is that Bayan lose their appeal in a request to unfreeze their shares in Kangaroo Resources.

As Bayan have also put in around $40m into the Tabang project they might then offer to gift their share to WEC.

It all looks an unholy mess.