Post by
Nickel77 on Jun 29, 2011 7:37pm
TICKLE
Tickle
Obviously Sutcliffe has the added pressure to now come up with aplan to find the dollars needed to develop UMJ’s Property fully over the comingyears, rather than just high grading the property, that seems to have been doneto date. Now that Sutcliffe has advanced the company to a point of operatingprofitably, as well as having an experienced group of directors behind him, hehas given himself and shareholders many more positive options that will enablethe company to grow in the future.
It is absolutely ridiculous of you to expect things to allof a sudden move forward overnight. Nodoubt, Sutcliffe certainly has his job cut out for him over the next year, butafter watching him stick handle Randy, F and M, and Gang multiple times;working his magic moving UMJ forward in theyears ahead should be a piece of cake. Iwish Sutcliffe and all UMJ shareholders the best for the future of theirinvestment. In my opinion, it was just too bad UMJ Shareholders and Management hadto go through the first hand experience of witnessing the ‘toxins’ of how ISM likesto operate. One look at ISM’s shareprice over the past few years, and one look at what Randy and IR get forstipends and perks, was all one needed to see who’s interests have firstpriority.
In future, Randy and F and M will have a hard time keepingthe comments by the Ontario Superior Court Judge off their Resume’s. Hopefullythe Ontario Superior Court Judges comments will help other companies from having to deal with thelikes of this group!
At this early stage in UMJ’s life, maybe this experience will be a blessingin disguise. Certainly UMJ shareholdersnow know for sure who was looking out for their best interests.
Highlights:
Court awardedsubstantial indemnity cost against Forbes & Manhattan and InspirationMining;
Court foundForbes & Manhattan and Inspiration Mining conduct"reprehensible";
Court foundcomplaints by Forbes & Manhattan and Inspiration Mining to have"lack of merit."
In his decision Justice Brown found that:
Forbes &Manhattan and Inspiration Mining engaged in tactical litigation;
Forbes &Manhattan and Inspiration Mining made serious allegations of misconductthat lacked merit;
Forbes &Manhattan and Inspiration Mining engaged in reprehensible conduct.
Justice Brown stated in his decision:
Forbes &Manhattan and Inspiration Mining did not ask this court to adjudicate onthe merits of their claims. Instead, they folded their cards just beforethe knock on the courtroom door, and they abandoned their application.
Forbes &Manhattan and Inspiration Mining brought before Justice Brown simplymarked another tactical skirmish by them in their contest against themanagement and board of Ursa Major. That Inspiration Mining and Forbes& Manhattan withdrew their request for injunctive relief at the lastpossible minute underscored the tactical nature of their use of thecourts.
In sum, JusticeBrown finds that the serious allegations of misconduct levelled by Forbes& Manhattan and Inspiration Mining against Ursa Major and 159 the lackof merit to those allegations, and the tactical use made by Forbes &Manhattan and Inspiration Mining of the proceeding combine to place thelitigation conduct of Forbes & Manhattan and Inspiration Mining inthe category of reprehensible conduct.
Through this ordeal, Sutcliffe has obviously proved himselfone of the few people out there that has the integrity and honesty of lookingout for the interests of his shareholders.By no means has everything been perfect along the way for UMJ, but onething to remember is that UMJ have bragging rights of being one of the fewcompanies out there that are actually in a profitable operating position.
Relax a little and enjoy your summer.
Best
Nickel77