Post by
Canadamoose on Oct 23, 2014 10:25pm
Something is probably Funny
Butler is not as bad as the board seems to think, at least not capacity wise. We may be going not from the frying pan to the fire, but from the pancake stack to the fire. The new CEO altho knowledgeable is a longtimer with Haywood Securities. For practical purposes the Callinan Royalites is now a proxy property of Haywood Securities. As to the claim against Hud Bay, the question is will Heywood deem it in Heywood's interest to go after Hudbay on behalf of the Callinan Stockholders.
As to termination without cause. That sounds like triggering a clause in the employment contract that triggers a payoff. I cannot believe a board of a company like this decided to dump a mining bigshot like Roland Butler. Does not compute. I think Roland wanted out at this low time in the mining values to go somewhere else or do something else in mining and the board helped him out by terminating him without cause so as to trigger his payoff.
Now we may really have problems ever collecting from Hud Bay. And Hud Bay may even be behind this. If Butler was so bad in any way, Altius would never have bought shares in Callinan.
So this is not to be taken as a positive development in any way. At best we have a caretaker and at worst, an agenda, that is not related to the shareholders interests. Plus we dont know how much of that 25 million cash stash went to pay off Roland Butler.