Ridiculous. - break fee | DIAM:CA Message Board Posts

Star Diamond Corporation

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Msg  63674 of 64088  at  3/23/2023 2:05:28 PM  by


 In response to msg 63673 by  megamine
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Re: Ridiculous. - break fee

As I see it - Rio is in breach of the contract and specifically the intent of the contract. They have not completed any of their undertakings and as a result ANY COURT will award actual damages such as lost shareholder value (.20 a share on 500 million shares is $100 million). In addition there is reclamation costs, refusal to provide a Bankable Feasibility Study (perhaps $8 Million). In addition they have not provided their data from their breakage studies, and/or valuations. In addition, they have delayed the project and that again is quantifiable. The big kicker is PUNITIVE damages -
So, I see $200,000,000 as a VERY reasonable break fee to walk away from a $3 Billion commitment. I see 10% as quite achievable. Rio has been screwing this Junior around for years and tried to exercise Four Options simultaneously and then dump the costs of what they were supposed to do in the four options back onto the JV and Star then became responsible for 40% of those costs. DISGUSTING!
We should buy the Rio Management Team neck braces so they can hold their heads up!!
-Blowing up 40,000 year old caves and hiring a law firm to “manage” the fall out PRIOR to blowing them up. Really??
-Cutting a separate deal with Turquoise Hill shareholders who didn’t vote for their takeover bid! Really??
-manipulation and zero performance on Star Diamonds. Really??
Someone on here said it best “” Rio Tinto is a huge law firm with a small mining division”” So True!!!
The Grizz

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Msg # Subject Author Recs Date Posted
63675 Re: Ridiculous. - break fee megamine 0 3/23/2023 2:53:39 PM

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