Hi rickydee82 - No, not fraud by any legal definition...they have well covered themselves - the ounces downgrade is strictly technical in nature and clearly articulated with multiple affidavits filed on Sedar attesting to that fact. These ounces will reappear. The ultimate question right now is - will they reappear with WTG and WTG only. Will Finskiy et al take WTG forward as a mid-tier producer with no more BS. I don't think they're out to actively screw the minority shareholders - that just happens as a byproduct of greed.
I think these guys are egomaniacs. They will want to try and get bigger and make more money. At some stage they have to make moves to become 'credible' in order to do so. Will that start with WTG? Or will there be further scorching before that happens. There appear to only be 52 million shares that aren't complicit with management plans. Around 12% of the total share float...and some of these are no doubt selling out. These minorities can no longer intefere with their plans. The CSC involvement over the last 6 months was the last chance to stop this steam roller.
I think that what is left of the 52 million shares that voted against...and probably 100 million shares that unwillingly voted for are hoping is that their only chance to make money now is to go along with whatever Finskiy has in store (there is no other choice).
Probably the latest PP was to ensure a number of things including that the final Court order is not interfered with (spectra of bankruptcy), to perhaps reward some of the unwilling voters, and to make dissenters (that were successful in their application) consider dropping their dissent (fair value of shares based on 20cent shareprice is going to be awful).
I also believe that WTG has no cash; and they may truly need the cash until the circuits start processing the ore we all know is there.
These guys know what they are doing and have known it all along. Do I agree? Do any of the 300 or so Canadian shareholders agree with the borderline legal methods used? No, of course not. But with the impotent regulators (I believe it is their own loophole-rich regulations that have failed us all) we have protecting us retails - we're always going to be investing at house rules: always stacked against us.
