Ice into Fire
Thanks Penny...THIS TIME IT MIGHT BE DIFFERENT OR NOT. This Sad Movie has been playing for almost 2 decades. Investors who bought into MTX and CD have lost virtually 99% of their money giving allowance for stock splits and current low price. MTX and CD are technically insolvent or bankrupt. MTX has cash of about $600K, but debts of $4.7 million. MTX is supported by Fipke on a lifeline or, otherwise, it would have to force to turn off its lights and file for CCAA protection. Fipke's net worth has dropped significantly with such improvident investments as funding MTX & CD and throwing money at breeding and running thoroughbreds...MTX has so far sunk $93 million of shareholders and his own money into waste lands including Angola, Kyle Lake, Greenland, Morocco, Mali and U2, all touted as potential "world class" diamond finds but ended up just holes in the ground. As for U2, DeBeers is giving up its Victor Mine and was on the record as saying it would dismantle the mine and sell the equipment for scrap. Where the hell is MTX going to come up with $2 million to build the ice road and $50 million (likely less now) for the 10,000 tonnes bulk sampling plus $1 billion to build another processing plant ?? ...Btw, Ulansky holds about 26,000 shares (worth $2,000) and Nolan holds zero shares. They have been granted hundreds of thousands of shares for services rendered every few months which they would promptly dump on the unsuspecting market every time the stock jumps up on false rumors of ATTA deal. MTX doesn't pay them wages and would issue shares for services as compensation. The call options granted are all "under water" or "out-of-money" and have to be "re-priced" ...I have a lot of good feelings for Chuck, but he is a sad sack for not able to get another winner at his age of 70. (DISCLOSURE: I own no MTX shares having sold them at a loss a couple of years ago. I did make a ton of money on CD when it was at 9 cents upon a tip from Chuck himself. That stock went from 9 cents to a dollar and I sold out before the collapse soon after the Yemen incident @ around $0.65. However, I subsequently bought into MTX and did poorly and like everybody else was banking on Chuck to find another diamond discovery like Ekati).