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Mmm, very nice:
The sale of GSLM and/or its business and assets to TOG is to be free of all existing, pending and future liabilities of Empire and GSLM. As a consequence of this completion, Empire will forgive over $26 million of its registered secured debt owned by GSLM to Empire.
Right. Heard it all before.
But maybe, just maybe the ministers have a sneaky suspicion of the potential of oil and the work done so far and that in order to avert any further adoo, doo they're just going to let it play out w/ this explorer...
As after 25 years, what's another year?
IMO and being a reasonable person, if I was the minister I'd more than likely wait for the SmartWin outcome.
Just speculating. But, it seems to me with the complaint against SmartWin still before the court the company has good cause for any rights to the license as it can certainly be argued that if it were not for SmartWins breach, being of a direct financial consequence, that the outcome may have been different.
And so reasonably, without being so legalistic about that outcome, I believe MRT is aware of this and should more than likely be giving the company the benefit of the doubt knowing it has vast discretion and perhaps on their own sort of abayance...
I enjoy all the adnauseum talk of loss of lease, liquidation etc.
Thanks, everybody. It trully puts into perspective all the damages attributable to SmartWin.
And golly gee, thanks to the smartboys, we prolly wont need any loan or funding come-mid next year or so...
...which is something I believe the MRT is keenly aware of.
Yep, I agree.
PMB is more than one of the best. He should win an Oscar as the record is now replete w/ the damages caused by SmartWin
Talk about hilarious, SmartWins' in trouble.
...as sure as the sun rises in the East.
Cause Malcolm just opened a can of whoop$ss...on top of, lol... well,
just look at their 5 year charts!
http://www.google.com/finance?q=HKG%3A0166&ei=rsFSULDMC-GfiAKYOg#
http://www.google.com/finance?q=HKG%3A0702&ei=t8FSUIHkMq78iQKIIg#
Look, it's not a puzzle.
One more time for the confused...
Pedant, gameset, match or whatever other ridiculous verbage you want to call it, the fact remains that SmartWin, pursuant to it's PR to their shareholders, (which can be argued as an admission against interest in court) states that upon the execution of "the conditions" (solely being the appointment of a trustee and signing of the pledge and the security agreement), which occured in July 2008, agreed to pay the full 5 million upon that same satisfication(or execution) as noted below:
Pursuant to the terms and conditions of the Note, no funds will be drawn down until the Trustee has been appointed
and the Pledge and Security Agreement has been executed by all parties (the “Conditions”). Although
the parties have not yet appointed a Trustee as at the date of this announcement, Smart Win has
advanced approximately AUD2,600,000 (equivalent to approximately HKD19,760,000) under the
Note in order to facilitate exploration work of the Project. It has been agreed by the parties that
Smart Win’s advancement of the funds will not constitute a waiver of the Conditions and that the
remaining approximately AUD2,400,000 (equivalent to approximately HKD18,240,000) of the
committed funding under the Note will only be advanced when the Conditions are satisfied in full.
Page 6:
http://www.166hk.com/attachment/2009110912212217_en.pdf
Completely false, eh?
Well, GULP. You may have to swallow this one.
Like I said:
SmartWin told their shareholders they would pay the full 5 million
upon the execution of the documents.
That execution happened in July, 2008.
SmartWin told their shareholders they would pay the full 5 million
upon the execution of the documents.
That execution happened in July, 2008.
Right.
Because Smartwin has no case. That's why Occhipinti couldn't present one. Bumbling all over the place... that he was.
As far as the expiration of the 60 day stay, Judge Oing is probably going to order some response from the company or face default and he could summarily dismiss the company's cross complaint as well.
Looks good for SmartWin for the moment but in the long run if the company can get representation and move forward this period is going to be bad for SmartWin.
Just more fodder for the jury.
What's the date of the letter CJ? Can you provide a link?
Haha!
Very true, CJ. Very true.
A deafening silence...
Once more, Imo, there is no way Malcolm will let the case against SmartWin go with so much to gain as some have speculated in a total cleansing. Not gonna happen.
As far as everything else about GSLM gone? Do you care?
I sure don't. If Malcolm can somehow miraculously keep GSLM afloat? Fine.
If not? Oh, well.
Everything else can get washed away as far as I'm concerned. Don't even care if they lose the leases or find a drop of oil.
For that matter, I actually hope someone else finds it as long as there's a hook in SmartWin.
I'm thinkin' SmartWin's gettin played like a fiddle.
I love it. Frig, Occipinti has already lost his composure!
Nice vacation, my peeps.
Oh boy, Smartwin's in trouble!
All I know is MRT has discretion to act as they wish, is hopefully keen to Smartwin's breach and that the company's untenable position regarding the lease is associated to them.
If I was them, I would just file it pending the company's obvious financial demise or a resolution of the case. And do so, in order to avert any subsequent legal quagmire.
However, I don't see the company giving up and particularly on the Smartwin case so you might as well take a seat for a while and enjoy the fireworks, if any as it could be explosive.
Perhaps a shot is being aimed across Smartwin's bow as we speak?
Mmm, very interesting. I forgot about this one:
http://www.sec.gov/Archives/edgar/data/788206/000107878209000095/empire8k020309ex991.htm
So, that means that the company had the addl. funds to drill, which I'm sure Mr. Simpson could testify for, to address any over budget issue if it would not have been for Smartwins failure to provide the balance of the 5 million.
Yep, I guess it was a ruse.
Thanks, you are so kind!
I don't make up because I'm hardly ever wrong and even more so, misinterpret.
Right.
Hopefully, it'll give New Times and Genesis a little-more-time to increase their sharevalue closer to pay for our damages and so Malcolm can hold them up, all the while, to stick a bigger tube in them.
Geez,
The Superior Vena Cava. What a nasty site.
I circled those dates in purple.
Your post is wrong, wrong and right again!
First, I never said the company exceeded the budget.
However I will say; "according to the court record, apparently the company presented costs to Smartwin that could have exceeded the budget".
Second, Smart Win had no, I repeat: NO "justification to withhold payment on a section of the schedule they had joint approval on" (your superfluous argument) as payment was due in full upon complete execution of the documents!
And finally, right: No doubt Judge Oing or a jury will be interested in all of the facts.
You know what? I'll give you a couple of things...
First, your post sounds good.
And second, you're post reflects the jist of the arguement that Mr. Ochipintti was trying to present. So, I'll agree with you on that.
However, further argueing those points will be a fatal error to Smartwin.
Judge Oing saw right through it at the MSC re: dismissal as the evidence before the court at that time clearly shows the company notified Smartwin of the extra costs before even spending them.
They need to come up w/ something way more substantial.
Of which, I believe cannot conceivably happen, in order to outweigh the fact that Smartwin had a duty to provide the total 5 million dollars they agreed upon as-soon-as the signed docs were received by Smartwin and the trustee was in possesion of the 32 million shares.
Sorry, I just don't see it.
But, good try though.
More baloney!
In fact, a bunch of balony.
What part of post 26670 don't you understand?
It doesn't even matter if the company spent 1 dime of the money drilling.
Geez,
Smartwin had agreed to provide 5 million buckaroos upon the consideration of 32 million Empire shares, a signed pledge agreement and mere signed docs to drill. That's it. Nothing else.
Nada, zilch, zip and again, zippo!
As such, it appears the company did way more than was required.
Get over it.
Baloney!
Smartwin, in consideration for 30 million plus shares agreed to provide the full amount of 5 million upon the complete execution of all documents.
So, your unclean hands/fraud/overbudget or whatever-you-sling-out-here/there-theory caused by the company is WRONG!
New Times: Soon to be just pennies.
http://www.166hk.com/eng/ir/announcements.php
This one weighs a little more than gold:
http://202.66.146.82/listco/hk/newtimes/announcement/a080723.pdf
And this one is the keyless ball and chain that will only lead to amputation:
http://202.66.146.82/listco/hk/newtimes/announcement/a080808.pdf
Do you wanna know why?
Well, I believe he could use the help. Or, maybe not?
But, so could Smartwin. Even more so...
As such, what kind of business acumen is that when 2 very wealthy Chinese company's speculated that investing in a little oil company in July '08 was a good thing at the highest price of oil in history?
Then, as they promise to loan upon the signage of docs, renege, then cut tail and run when they realize, (as the price of oil tanked and the collateral for their loan diminished), that it wasn't such a good investment?
http://ycharts.com/indicators/crude_oil_spot_price/chart
Geez, so comparatively speaking, whose the true donkey's?
No wonder Smartwin's relative stock prices are in the tank.
Smartwin & GSLM. Tied together at the hip.
I don't know.
But, obviously he doesn't care to right now. In fact, I could say he doesn't care a flying (~bleep~) about it.
Do you differ?
Well, it's my time to chime in again.
I believe Malcolm is doing an excellent job in lowering...
Down,
d
o
w
n,
d
o
w
n
the pps.
Anybody care to differ?
The true quandary here is that if the company was to somehow make the 400k payment that would represent approximately 25% of the current value of the company.
Frig, dont be suprised if Malcolm or the directors somehow bank those shares in exchange for any such loan. I see there's no way he's going to let some other yahoos gain that much control.
So, maybe that's whats going on!
Ha! Check out Malcolm. Could he be that beautifully smart, slick?
Anybody care to wager?
P.S.
Remember, Smartwin only loaned an amount that was relative to the PPS.
But, that's a whole and other story!
Well, it's a tough call.
Imo, I see only one scenerio Malcolms' looking at:
First, come up w/ the 400k +/- that was at issue in the wind up proceeding, reasoning the license will more than likely be reinstated, due to circumstances beyond GSLM's control. This may be difficult as they would have allready paid the funds if they had them.
However they could, of course, draw it out wherein I see an apparent procedural error in the actual proceeding.
Of which, all appeals I would definately do. So, that's a given.
At the end of that rope, wind down ALL of the debt, charge them to Smartwin as damages and hope MRT awards a new license under the Empire unbrella.
Knowing what I percieve Malcolm to know, i'd say the need to pay the 400k and therefore protect the current application is crucial in the eyes of the MRT for the reasons stated above. Otherwise, all previous issue's related to the past expenditures become moot and therefore any past licensure and proprietary info becomes fair game to any next qualified bidder.
I know it's tough for Malcolm as money is extremely tight but I believe he's got the fight & will fight like the dickens & wouldn't take that chance of giving up the license to alone seek any remaining remedy from Smartwin.
So, yep I'd say you gotta a pretty good bet there. But, who knows?
Let me know if you get any takers, lol.
Good points.
You're right. Nobody's gettin' squat!
Unless, the company pays.
But, yea. Probably was solely from an administrative process standpoint of Dyson's donkeyhead liquidator.
What intrigues me most, however, is that apparently all of this garbage is a result of Smartwins breach. All of which will most certainly be attributed to them as damages.
And so, I can't say I don't really care about the lease, gslm or finding oil ourselves per se but if it so happens that someone else gets it and finds oil, then...whoop,whoop... it's still a big payday!
So, in summary, I guess I can say... I'm not worried at all!
On another note, possibly if the company does happen to pay the 400k (which the queen would get as first in line for Dyson's back taxes) miracilously (as CJ hopes) then hopefully the lease should be put in the other hand. We hopefully, hope, hope hope!
Whatever. Like I said, I don't care.
Nope.
Accordingly, GSLM was EEGC's biggest liability.
Lol. What asset?
EEGC's biggest asset just Wound Up ... to be sold at auction.
I've been a shareholder for almost 4 years and I have no disagreements w/ Malcolm. It's not easy being a CEO.
I happen to know.
As far as pulling the wool over anybody you don't have to go as far as right here.
So, just settle in and get nice and cozy.
bit confused how the company is still trading with liabilities of that size and no income
Ha!
What a bunch of baloney. That motion would never happen in America.
As far as "winding up" in the little island of Tazzie, you ask?
Even if it was ruled as such, it'll never stand. You cannot shutdown or liquidate a company for a bill without first adjudicating the underlying merits of said bill and afford subsequent process to cure such remedy.
As such, it would arguably be a violation of due process and common law.
Not going to happen.
What's all this nonsense about the company getting wound-up?
I've never heard of such a thing except from on stupid message boards.
There is a very very real possibility of GSLM getting wound up as that is what happens to insolvent companies that have no realistic way of paying their creditors.
Injecting fear and doubt into the scenario is a ploy insurance companies and many others use to manipulate the masses...
I tend to believe, by far, the comments of the chief petroleum geologist from Getty oil about the potential for oil reserves in Tasmania over some poster on a message board.
Nice post. Thanks.
Your're right, clips.
But, the company is required to have representation to be heard in court.
Check this out:
New Times is currently valued at 1/2 billion.
http://www.google.com/finance?q=HKG%3A0166#
Shouldn't be to difficult to get a handle on that.
Look at their 5 year chart.
Through discovery it will be interesting to see what sort of financial trouble New Times was in back in '08.
Also, looks like they had to pump their stock back then to come up w/ the money which NOBODY had!
http://www.t6pr.com/pr/pr-0702-080901.html
That ain't no knife!
Smartwin: A JV between New Times Group Holdings, Ltd and Genesis Energy Holdings, Ltd.
http://www.google.com/finance?q=HKG%3A0166#
http://www.google.com/finance?q=0702#
For Smartwin, the bleedins just begun.
In the words of: Paul A. Baptista, esq.
"documents are absolutely clear"
No, Clips.
What's REALLY VERY funny is:
There are lot's of people who believe Smartwin had the option to enter into the JV, but declined... when the reality is... Smartwin declined to opt out of the JV!
Time was of the essence.