RE:RE:RE:RE:RE:RE:RE:RE:RE:Testing PatienceI probaly should reply to the rest of your typically loosgoosey and shallow statements.
One thing you miss, while mentioning Johnex , is the fact that it was actually the previous board that got the deal, not the one before! Is it so difficult to see? Why that board was not able to bring the deal to fruition???
The balance sheet of 2011 was obviously inherited by the previous board. And if you really put analytical eye to it you would be able to figure out that it was not really as bad as you imply. If Nordex could survive the balance sheet of 2001, it certainly could easily be a going concern with the balance sheet of 2011, even without injection of new equity. If you go back to statements of the time you will notice that there was slow receivables collection. I know some of the commercial accounts of Nordex and I know that many of these receivables were easily collectible, if Nordex only put a little pressure. But that is the responsibility of CEO, and if I may be critical again of previous board it would be that they did not fire Jim Taylor for failure to do his job. I believe that I posted here before another criticism of previous board and that was the fact that they fired previous CEO John Kozak. For all his sins and shortcomings John Kozak was, and would be a better CEO than Jim Taylor. He certainly would not allow to get receivables so much behind as Jim Taylor did.
KGHM story evolved from my knowledge of markets events and the players involved. Surely, it was insider information and I did not buy any shares of Nordex on learning about it as it would clearly violate the regulations of trading with knowledge of these facts. I would not even be posting about it if this deal was not dead because of the actions of the current board. One of your past loosegoosey mesages was related to the fact that couple of directors did not have a large holdings. Did it ever come to your mind that the reason was their knowledge of a possible deal that was not publicly disclosed??? One thing I can say about the previous board was the fact that the three directors that were bumped were people of impeccable integrity. Perhaps that is why the All Group did the putsch without the respect of all the shareholders. The previous board came through totally transparent proxy fight with two competing slates sending information circulars. The All Group did the stab behind the back, with shareholders having no idea that there would be two competing slates, and woke up the day after learning that their trusted board was out. Immoral at least.
Back to KGHM. When they bought Quadra FNX for $2.83 billion cash they got with it DMC (mining services company, with good management debt, and already well established in the mining community) What a perfect synergy that was for Nordex and DMC. I may have been the instigator of KGHM considering it as I mentioned the idea to one of Toronto brokers who liked it, and possibly did contact KGHM about it. It is also possible that one of the previous board members had appropriate contacts there as well.
It is also possible that the new Board knew about it. Perhaps that was the reason for the unneeded huge private placement for really unneeded. Did they want to have a quick flip? And if they did that would be in a violations of trading with insider information knowledge. They probably do not have to worry about charges on this issue, as coming back of KGHM is extremely unlikely after the self entrenchment move by All Group proxies.