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Cline Mining Corporation T.CMK



TSX:CMK - Post by User

Post by bond46on Jun 14, 2013 12:16pm
290 Views
Post# 21525516

Where was the plan B Mr.Haywood?

Where was the plan B Mr.Haywood?

We all praised the mutual agreement with Marret to do away with the Rights offering and avoid dilution. We were hoping then that as an experienced operator, you would have a plan B to secure financing for Cline. How wrong we were. According to the Rights offering, if the current shareholders did not exercise the Rights, he Stand-by Purchasers, and I think it would be  Marret, because it  had an obligation according to the recap agreement to fill the gap and buy 1.7billion shares at 2cents a share to a total of $35million. That was in the agreement. And an agreement is a legal document binding both parties, as you should know as a lawyer, to the terms and conditions stated in the document. What happened and the agreement for the recap was cancelled? Did you consent to the cancellation of the agreement in view of the fact that you had no plan B for recapitalizing the company? Were you there Sir to serve the interests of the Cline shareholders, or the masters who appointed you on the board of Cline. And if so, are you not liable before the law for breach of your fiduciary duty and also your legal obligations to serve the interests of the shareholders and not of your masters? So, it's reasonable to assume that giving away of the coal inventory was to clean up the yard instead of selling the stuff. What a disgrace! And now, you're asking Marret for a "forebearance" agreement to avoid default. And how this new ageement would differ from the first? I suppose the bond conversion this time would be at 0.00001 cents/shr and would wipe out all the shareholders big and small , thus making Marret the sole owner of this outfit. I wonder Sir how much Marret would pay you for such a service. Keep going down that road and we'll meet somewhere along.

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