That is the problem with LGDI...they PLAN to do a lot of things but never actually DO ANYTHING. The reality is most of us have watched our investment vanish and we are clutching at straws. There is no point in people writing post that say 'this might save us' or 'there is still a chance.' We would be better off trying to find our next investment and hopefully our research skills have improved since our stupid and expensive decision to invest in the Gutnick maze of companies.

This is an article from the local Mt Isa newspaper dated May 11. Is there still hope...

KEY council staff will meet with developers of the Legend phosphate plant in Mount Isa next week to deliver what Mayor Tony McGrady says is "a resolution" on the $2 billion project.
The project, just to the north of the city, promises up to 400 jobs and wealth for local services and suppliers, but has had chequered progress since its announcement.
Cr McGrady said the formation yesterday of a three-person council working group to meet with Legend's representatives on May 17 was to review and reconsider every fact on the table, and to come back with a workable solution for both parties.
"As mayor I have instructed the council to ditch baggage of previous council," he said. "Deputy mayor Cr Peterson and I have made it clear to this committee that we want a resolution ASAP, but at the same time we are very much about looking after ratepayers as well."
He said he told Legend's representatives at yesterday's meeting, which included a phone hook-up with the Co-ordinator General's Department in Brisbane, "that we are no walkovers, and that costs in this proposal will be met by Legend".
Cr McGrady has been a strong supporter of the project and in his election campaign vowed to make a resolution of the stalled issue one of his first priorities in office.
"I want to ensure we are all singing from the same song sheet. This will be great news for Mount Isa and we will do all we can to get this project."
Council CEO Bhan Pratap heads the committee.

The last 2 days have seen close to 2million shares traded. Who is buying these shares? I wonder if iffco are buying so they have more control over the operation. I agree that management cannot be trusted at this point but Craig Michael assured me in an email this week that this project will happen and that Legend would not go bankrupt and the go private. Why would he put this in writing if it wasnt true? Maybe I am clutching at those straws again..we can only hope at this stage.

I am only a novice investor so excuse my ignorance. The main issue at the moment is the lack of cash the company has. God only knows where the 100 million they had less than 3 years ago has gone, but that is a different discussion we can have later. Can they not borrow money to get the project at least off the ground. Surely the in-ground assets are too valuable to just let go. Obviously management are doing a very poor job, even I can see that but are they that bad that this project will go under... Surely not. Clutching at straws? Probably

Approx salaries are as follows
Craig Michael....$475000 pa
Joe gutnick........$750,000 pa
A bit rich don't you think, considering the tanking shareprice.
I have been assured, in writing of the following:
Lgdi will not go bankrupt and then go private and that this project will actually happen. The email was from Craig Michael 2 days ago.

This was in the North West Star Newspaper...

23 Aug, 2011 04:00 AM

PLANS for a third Legend International mining lease in the North West are progressing, with the company lodging its environmental impact statement (EIS).

The proposed mine follows two other mining leases already granted for Paradise North and the D-Tree deposits about 140 kilometres North West of Mount Isa.

Legend project manager Ed Walker said the EIS consists of eight volumes and about 3500 pages and covered aspects as diverse as flora and fauna, social impact, infrastructure, water quality, cultural heritage and rehabilitation.