RE:RE:Cross references?"It ain't over till the fat lady sings"
Maxmoe, excellent summary, thanks for that.
All seeing and all knowing, Mehra is not.
Champion is definitely weak kneed when it comes to treating its so called family. The company wouldn't exist without its start of the pouring a bunch of iron properties into a shell that came with a bunch of whomevers.
Smith put all those iron properties together in a 50/50 agreement with a Toronto group.18 strong iron properties and negotiated
the non recourse royalties. Yes, O'Keefe et al got their hands on Cleveland Cliffs Bloom Lake for pennies and that is the moneymaker but the origins of the company and its original asset base rest with Smith.
The cancellation of those 1.5% NSR non recourse royalties is akin to breaking into a pyramid and stealing precious treasure. An argument can be be made about NPV of those royalties but that isn't the point. Non recourse royalties are rare as is Smith and his remarkable abilities in the greenfields exploration side of things.
The real kicker in this story relates to the so called ancient double vote bylaw and how the Chairman used it to push Smith out.
In my opinion Smith is a reasonable guy with good intentions wanting to see a win for company shareholders while wrestling with many tigers over the years and continues to do so. The sad part is that he was ambushed by his own insiders but stoic and strong he stands.
I believe the current situation with fancamp has some good possibilities with a new group. Maybe Mehra has done enough here and will move on. The light shining on him doesn't make him look too good, just like a petulant child wanting all the toys for himself.