I've been away a couple of weeks so I just saw this. Don't want to rub it in to the wounds, but I give this analysis about as much chance as the two sets of "20 golden reasons" analyses. Look, it was a huge scam virtually from the get go! As soon as they left Busang I they had no permit, tried to scew their partner, and were salting the next 74M announced ounces for goodness sake (or 199M ounces if you use Felderhof's estimate)! Just about everything, I mean everything, previously taken as truth on this thread (and yes up to the end of March also by the analysts, banks, mutual funds, major mining cos, indos etc, etc) has since been revealed as complete hogwash. I hope this can be faced so that we, the wounded and theived, can get on with urging criminal prosecution, to the fullest extent of the law, of those responsible, and repayment of damages. I've already called for our fat friend to put the loot into trust until investigations are complete as a gesture of good faith but no action here yet. Living in luxurious tropical paradise is not the kind of punishment in order.
Thread mantra: BXM had "good management" and DeGuzman and Felderhof were great geologists.
New revelation: two of three were bankrupts living on thier last $ just prior to Busang (Walsh, Felderhof), the Vice President (Felderhof) was not so long ago been involved in a huge stock market mining stock hyped up meltdown in Australia. The other main geologist was recently fired for petty thievery (DeGuzman) and his wives never heard of each other. The main foreman onsite (Puspos) was entry level qualified, recently considered only for an entry level job with a reputable mining company. Dr. Nassey got his degree from a box of crackerjacks or Las Vegas or something. Walsh is shown in McLeans magazine to be unbelievably obese.
Thread mantra: BXM deserved the COW, the indos were corrupt re this, and Merukh had no case.
New Revelation: BXM blatantly violated the Indo mining system, by drilling with no COW in the first place, the SIPP just doesn't do it. It also appears they tried to screw Merukh not so much the other way around. They only has authorization for drilling Busang I, not for pushing into the SE zone.
And the list goes on and on.
Well the only satisfaction that retail investors can have is that Mulrony was exposed yet once again, and all the big boys are majorly embarrased too, and Indo and Bay Street corruption/shenanigans exposed.
Unfortunately, I doubt there is much real in the way of restitution to be obtained from Walsh + Felderhof for the average shareholder. Their booty was roughly $35M (Walsh) + $45M (Felderhof) = ~$80M. Divided by 260M shares equals about $0.33/share??. That leaves the brokerages or Kilborn as the cash cows for the lawers?. |
