Hi Jessica,
I am so embarrassed! But first, thanks for your latest, and I got the impression you are hoping, last letter.
Some background first. A few months ago , after this merger between Core and Titan was announced , I spent a couple days going over all I could find about Titan (Mundo and MInera). And it was quite a story. And I wondered how they could have been allowed to do what they did for all those years. So I wrote you a letter asking about , and specifically questioned the obvious share price/market cap manipulation (you have never addressed that). And then a couple weeks later you publicly released a list of questions you had for Titan. I always thought it was just a coincidence, that you weren't doing it because I had asked about it. Now I am not so sure. Very well could have been you covering your xss, after never questioning Titan (Mundo, Minera) since 2006, even as it lost $100 million of investors money, and $50 million of creditors money, all the while making never ending false, misleading ,etc. statements. Anyway, I got excited that you were finally going after them. And then when they answered your questions with non answers and in a few instances, actual lies, I said, uh huh, you got 'em. I kept waiting for the hammer to fall.
But now you say in your last letter that all is good with Titan. They haven't broken any listing rules. And that it is up to the TSX. But of course the TSX says Titan is an Australian Co. so it is up to the ASX. Sounds perfect for the both of you. So, the listing rules that I wonder about are:
-share price/marketcap manipulation. I asked about that, you have never commented
-net asset value fabrication. You asked them about that, and they gave answers that no reasonable person would have accepted
-they fabricate most everything they have ever said,all the way back to 2006. Recently they said they were in good environmental standing in Peru, even as charges had been laid. When you were informed of this obvious lie you stayed quiet.
-they lied about having a well respected person as CEO. When that was proven a lie, you stayed quiet.
I could go on, probably all day. Maybe you need to tell me what the ASX listing rules are. If they are that Titan needs to pay it's listing fees, and make a monthly report that can be total fabrication , then I see your point about not breaking the rules.
So it does seem to me that Titan could be shooting babies in Peru, and all you would do is ask them to comment on that. When you asked them about poisoning babies, they answered that their very competent and impartial Peru lawyers said it's no problem, and really they have no legal responsibility. Good, next question.
So to get back to being embarrassed, that would be because I actually did believe there was a chance the ASX would actually regulate. I thought that was part of their responsibility. Now for sure we all know that ASX is a for profit publicly listed company and as with all large or small companies the total fall back position is to make profit. The regulatory responsibility is just a nuisance. Titan pays the ASX money, ergo Titan good.
Your bosses would never give you the money to honestly go after Titan for obvious wrong doings on so many levels. Your job, as I now see it to be true, is to give the illusion of regulation. As long as it doesn't cost the ASX any of their profits. It is true that the Australian government has oversight over what the ASX does, so you need to satisfy them that nothing will ever come back to them. And given the nature of the Australian Government , they would mostly tell you to leave their most wonderful Australian tax paying and politically contributing companies alone. So I am embarrassed that I actually thought for a little while that it wasn't always like this, and always will be.
So sure , this is small potatoes, a hundred million or two dollars at stake. The lives of many innocent Peruvians sorrily damaged. I know, the world is a bad place, and we are all just doing our part to make it a little worse.