CHM - Chameleon Mining

[nunthewiser]

Hehehe....happy days are here again for MMX holders. The results are much better than hoped for. The newspapers have already interpreted the judgement in favour of MMX. CHM had declared a hollow victory....ASX where are you??? I thought ramping is not encouraged?

Sorry Nun but you are on free carry anyway, right?

From Bloomberg

Related News:Australia & New Zealand · Law .Murchison Made Illegal Transfers to Buy Australia Iron Deposit, Judge SaysBy Joe Schneider - Oct 20, 2010 1:02 PM GMT+0800 Tweet LinkedIn Share
Business ExchangeBuzz up!DiggPrint Email .Murchison Metals Ltd., an Australian iron ore developer, illegally diverted money to help pay for a property acquisition, breaching a duty it had to Chameleon Mining NL, an Australia Federal Court judge ruled.

Chameleon is entitled to a share of the income Murchison earned from a development called Iron Jack in Western Australia and the profit former Murchison director Philip Grimaldi and Chameleon’s former Chairman Greg Barnes earned from having obtained 10 million Murchison shares, Judge Peter Jacobson said in a summary of his judgment.

“Chameleon proposes to immediately engage a forensic accountancy team to assess the quantum of account of profits it is entitled to,” the Sydney-based gold-exploration company said in a statement today.

Murchison, an iron ore producer for the Chinese market, used Chameleon’s money to help a company called Winterfall make a A$350,000 ($341,215) payment for the Iron Jack project. Murchison, which had claimed the transfer was a loan, later bought Winterfall to obtain the mining property, according to the ruling.

“The checks were not lent, but were unauthorized diversions of funds from Chameleon to Murchison,” Jacobson wrote. “The checks were drawn by Mr. Barnes, who was a director of Chameleon, and procured by Mr. Grimaldi.”

John McGlue, a Murchison director, didn’t immediately respond to a request for comment.

http://www.bloomberg.com/news/2010-...to-buy-australia-iron-deposit-judge-says.html

How about some facts mate?

I take it you hold MMX as an investment?

I hold CHM as a trade .... couldnt care how jaded you are feeling towards it for whatever reason BUT please provide facts and links instead of posting yet more heresay

 

[nunthewiser]

FWIW

I personally think that CHM have been a trifle cheeky in this matter .... i have no love for the doggies , merely trading them

On a personal viewpoint i would like to see MMX give CHM zilch actually .MMX is in my backyard .....i have friends that work for them!......they sponsor some local events and are a good thing for the local community.

like i said im not in CHM for love NOR do i plan holding them past my stops nor am i an investor in them ...merely playing the game.

 

[Albi]

Quiet interesting thread. I jump in at .023 and hope this stock will improve tomorrow and afterwards.....................But I am short term trader, will come out soon.

 

[Albi]

Hi
So CHM is now trading 28% low after yesterday's fall of 27% and total 55%. I am still holding. Cant sell it at heavy loss. Really very stupid...

 

[vincent191]

Hi
So CHM is now trading 28% low after yesterday's fall of 27% and total 55%. I am still holding. Cant sell it at heavy loss. Really very stupid...

Albi, sorry to hear about your trade but Tony Sage must be feeling even worst!!! It was a calculated gamble, had the verdict gone the other way, you will be laughing and I will be crying. Anyway, there are more fishes in the ocean. Now to go and punt rare earths.....fortunes have been made by many in the last few months in that sector.

 

[Albi]

I am thinking to leave this stock market and should look for other things. I dont know what is happening..........

 

[nunthewiser]

FWIW


like i said im not in CHM for love NOR do i plan holding them past my stops nor am i an investor in them ...merely playing the game.

jumped stops as these dreadfuls often do........smack in the teef.....nature of the penny dread game.

1 decent win
1 decent loss

overall= very minor win

still on watch for a bounce once the selloff stops.

 

[ROE]

Hi
So CHM is now trading 28% low after yesterday's fall of 27% and total 55%. I am still holding. Cant sell it at heavy loss. Really very stupid...

This stock isn't an investment, highly speculative and this is what you get when you speculate...

As close to gambling as you can get

 

[McCoy Pauley]

Hi
So CHM is now trading 28% low after yesterday's fall of 27% and total 55%. I am still holding. Cant sell it at heavy loss. Really very stupid...

Why can't you sell? There's no shame in admitting that you made a mistake and at least you would be protecting what's left of the capital you invested.

I have no idea about the story of CHM, nor even seen a chart, but if it's a speculative stock, then I'd only put in to the company capital I'm prepared to lose in the hope that I'd get a ten-bagger or something of that order.

Treat your loss of capital as a lesson in life and try to avoid making the same mistake next time.

 

[Albi]

Thanks for your advice ......................................................................................

 

[nunthewiser]

FWIW.

I have taken yet another entry in this pound pup (.012)
small parcel.

happy to take losses , all part of the game.

personally think due for a bounce but will be walking away if wrong as usual.

Blessem and there dodgy lil tales

 

[vincent191]

Busy day for CHM tomorrow, two judgements within half an hour. The first one doesn't really matter. CHM stands to lose whichever way the judgement goes. If the litigation funder wins the CHM is really sunk. If the litigation funder loses they have already picked up some $12m from CHM.
6 from Barnes and 6 from Sage if I am not mistaken.

It is the second judgement that is all important, if the accountants come up with a zero or negative profit for MMX for the period up to now then CHM is finished!!! There is nothing to say CHM is entitled to any future profits, they are only entitled to part of any profit that MMX my have maade during the time they had use of the small amount of money illegally obtained by their ex-Director. Will most probably go below 1 cent if there is no profit!!!! Sorry, CHM holders but this is my opinion and I have been known to be wrong before. If I am proven right then Sage from Cape Lambert will pick up the CHM carcass and do something more useful with it.

 

[TMC93]

A big move in the last month for this share. Have not done a lot of research but am reading the annual report now.



Anyone have any info on this little gold gamble?

TMC