RE: Cline Mining-2 years history in 1 postExperts now say that BlackBerry maker may be in trouble under securities laws in Canada and the U.S, where companies are required to report any events that may affect their financial state.
“There’s a high risk of litigation here,” Duke University law professor James D. Cox told NYT
They’re going to get sued and they should get sued because I think a closer look at the record is likely to unearth knowing and willful misrepresentation,” Jean-Louis Gassée, a former president of Apple’s (NASDAQ:AAPL) products division and now a venture capitalist, told NYT.
“When the CEO says there’s nothing wrong with the company as it is, it’s not cautious, it doesn’t make sense.
Last month, RIM posted a $518 million quarterly loss
Shares have fallen almost 95 percent from their peak in mid-2008
However, the new chief executive has repeatedly insisted in public that there is nothing wrong with the company.
Moreover , he promissed release of new BB by end 2012 and now posponed it,
WHILE AT THE SAME TIME hiring financial advisors to discuss possible "strategic options"
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IF RIM IS GUILTY , CMK IS GUILTY TO 100 ROOT .
AND EASY PROSECUTABLE -
TO PROVE THEIR GUILT IS WALK IN A PARK
YET SEC AND RCMP FINANCIAL CRIMES UNIT SPENT FORTUNE ON PROVING GUILT OF UNPROSECUTABLE TREE
( criminals hiding in China ) AND IGNORES SO FAR LOW LYING FRUIT - CMK.
ON THE OTHER HAND , CMK IS WEEKS BEFORE RUNNING OUT OF CASH = BANKRUPT.
( their - soon payable - shark loan- is bigger than their cap )
SO, ODDS FOR RECOVERY BY LAWSUIT OF EVEN 1 PENNY ON $1 OF INVESTORS LOSES IS SLIM .
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DAMMED IF SHIPPMENT SOLD , DAMMET IF DON'T
Be careful what you wisch for,
If they will sell that 70kt - FINALLY PEOPLE WILL DISCOVER HOW BIG MONEY LOSER CMK IS
My cost / t est is WAY ABOVE $ 200/ t and sale price around $ 140.
WTN ,GCE reguralily in many Qs posted cost/t over $ 140 even TECK did ocassionally, back in times when costs were much lower.
GCE in 1 or 2 low sales vol Qs , had costs above $ 160.t
SO,THE MORE CMK WILL SELL THE BIGGER LOSES WILL POST.
AT 1MT LEVEL WE MAY BE LOOKING AT LIKE $ 50M LOSES ( AS BIG AS THE CAP OF CO . geeeesus )
While repayment of like $ 60 m loan with shark interest will kick in
( close to like 18% when "hidden interest " in form of millions of FREE warrants is included ) ,.
ONLY DESPARATE PEOPLE with + 90% probability of default are forced to use sharrk -loaners or 20% credit card
https://www.stockhouse.com/Bullboards/MessageDetailThread.aspx?p=0&m=30481184&r=0&s=CMK&t=LIST
While ago , when CMK was counting on $ 185/ t sale price they said break even point is 900kt.
Now it is closer to 1.5 mt .
Knowing their infinite missmanagement skills and high odds coal prices will continue to tank , THE BREAK EVEN POINT may be closer to 2 mt
The proceeds of sale of that 70kt ( $ 10 m- if will happen at all ) will prolong their INEVITABLE DEATH by just about 1 month .
The only 5 options they have are:
1 . die now
2. die later at much bigger loses level
3 the lender will foreclose on them and will get Elk for his $ 50 m loan.
4 They will dilute at , say 30 c/ sh ,like 300m shares ( 130%) to survive 6 months longer
( $ 60 m to pay back loan + say $ 40 m for life support )
5. Close the MONEY LOSING mine and start pumping Madagascar ....loool ...or Elk " resource potential " , proven beyond doubt to be worthless./ unprofitable .
Their trick of going back to drilling = to square 1 - seems
, they have chosen this desperate attempt to escape obliteration.
and to stop PPS tanking at say 20 c.
6. Combination of (5 ) and (6) = likely 10 c target @ over 500m share count
Return in this case for inmvestor who bought at $ 5 is 2 c on $ 1
( 1/50 )= about same as legal litigation .
Return for new vave of bagholders who bought the "dip"- LOOOL to $ 2 - 1.5 would be 1/15 - 1/20 = 5 c on $ 1 .
Yet the management
https://farm4.static.flickr.com/3231/3110047873_c6bf4306ee.jpg
did very good for themselves .
They are the winners = achieved their goals of getting filthy rich on the expense of countless people losing hundreds of $ millions .
Did anyone add how many $ millions they made on dumping over 8-m options near the top of $ 4-5 ?
Was their loot $$ teeens or tens of millions ?
The history of LUXURIOUS of Ben Kates is written on this chart
https://finance.yahoo.com/q/bc?s=CMK.TO&t=my&l=off&z=l&q=l&c=
3 pump and dump scams , each bigger than the previous one were good enough to make him multi millionaire
During his "productive " LOOL lifetime he achieved nothing , but pain and suffering of countless investors
And few fortunes for the ones who were early in and early out on the pump ( likely , mostly other insiders and "buddies" )
To his defense , he is not the only one .
Howe St is crawling with con man .
.