June 12, 2019 Status Update - Monitor's Second Report

[jtbesq114]

NUSMF up to 3 on volume of 209K. Something is stirring. While the Monitor's report language appears to be bad, it could just be boilerplate language.

[LongNautilus]

That's a really great point actually! Could be legal boilerplate...
Why would MB and Metallo let there shares go to zero - I just don't get it. MB has 200 million, Metallo has 125 million, DSMF has 80 million. All higher than $.23.
That's why I feel something positive is going on. Dam this is sucks! Unbelievable....

[KingKongFong]

That's a really great point actually! Could be legal boilerplate...
Why would MB and Metallo let there shares go to zero - I just don't get it. MB has 200 million, Metallo has 125 million, DSMF has 80 million. All higher than $.23.
That's why I feel something positive is going on. Dam this is sucks! Unbelievable....

They don't give 2 cents about their shares (literally!). They are the entities who make up DSMF and the years of loans. They will work out a deal where they get their loans paid back through securing rights to the equipment, IP, and/or exploration/mining rights - essentially privatizing or being public in a new distinct entity.

For a few years now, I've been saying this is my worst nightmare.....they devalue the shares to almost nothing then restructure and screw over all the none Metallo/MB shareholders.

We're screwed.

[dustbash]

That's a really great point actually! Could be legal boilerplate...
Why would MB and Metallo let there shares go to zero - I just don't get it. MB has 200 million, Metallo has 125 million, DSMF has 80 million. All higher than $.23.
That's why I feel something positive is going on. Dam this is sucks! Unbelievable....

They don't give 2 cents about their shares (literally!). They are the entities who make up DSMF and the years of loans. They will work out a deal where they get their loans paid back through securing rights to the equipment, IP, and/or exploration/mining rights - essentially privatizing or being public in a new distinct entity.

For a few years now, I've been saying this is my worst nightmare.....they devalue the shares to almost nothing then restructure and screw over all the none Metallo/MB shareholders.

We're screwed.

This is exactly what is happening.  Great way to take a company, just wish they would have cut me in instead of stealing my money.

[didgi69]

if this is the case what are our rights? looks like nothing we can do .

[dema9049]

That's a really great point actually! Could be legal boilerplate...
Why would MB and Metallo let there shares go to zero - I just don't get it. MB has 200 million, Metallo has 125 million, DSMF has 80 million. All higher than $.23.
That's why I feel something positive is going on. Dam this is sucks! Unbelievable....

They don't give 2 cents about their shares (literally!). They are the entities who make up DSMF and the years of loans. They will work out a deal where they get their loans paid back through securing rights to the equipment, IP, and/or exploration/mining rights - essentially privatizing or being public in a new distinct entity.

For a few years now, I've been saying this is my worst nightmare.....they devalue the shares to almost nothing then restructure and screw over all the none Metallo/MB shareholders.

We're screwed.

Maybe a Securities Class Action lawsuit. Certainly the company leaders inflicted economic harm with malice. 

[Mejustjustin]

How do we go about filing a class action law suit? Just registered for this forum but have been following for 3-4 years and have been an investor for 3-4 years as well. Probably an average of about 15,000- 20,000 shares.

That's a really great point actually! Could be legal boilerplate...
Why would MB and Metallo let there shares go to zero - I just don't get it. MB has 200 million, Metallo has 125 million, DSMF has 80 million. All higher than $.23.
That's why I feel something positive is going on. Dam this is sucks! Unbelievable....

They don't give 2 cents about their shares (literally!). They are the entities who make up DSMF and the years of loans. They will work out a deal where they get their loans paid back through securing rights to the equipment, IP, and/or exploration/mining rights - essentially privatizing or being public in a new distinct entity.

For a few years now, I've been saying this is my worst nightmare.....they devalue the shares to almost nothing then restructure and screw over all the none Metallo/MB shareholders.

We're screwed.

Maybe a Securities Class Action lawsuit. Certainly the company leaders inflicted economic harm with malice. 

[OKC_Geologist]

WOW...…  There are a lot of quality Nautilus Mineral assets that are not given any value at all.  To maximize value all components should go under the auctioneer's hammer. For example, sell the submersible pump and the collector robot separately and the buyer has a world class dredging system that would be kept busy all the time cleaning out harbors.  I recall that the pump was fabricated by General Electric and cost millions of dollars and more than a year to construct. Also, Nautilus Minerals bought more than 5000' of new riser casing that would sell easy to offshore oil & gas drilling contractors.  The first Monitor's Report, dated March 7, 2019, stated approximately $53 million dollars of Nautilus Minerals equipment had been delivered to the shipbuilder, Mawei.  If the mining robots have no value as designed, they certainly have salvage value in the metal market.  I believe that there is less than $40 million dollars of secured and unsecured debt held by Nautilus Miners.  The value of the assets are certainly much, much than that debt, yet the Monitor stated that the common stockholder will likely lose all their investment.  That literally does not add up to me.  Real "price discovery" is only possible under the auctioneer's hammer in an absolute auction.  The courts should realize that and protect the investors as well as those holding Nautilus debt.

We need to consider the class action litigation suggested earlier.  When attorneys realize the value not being assigned to many of the company assets, they will be inclined to take the case for a contingency fee.

Just my thoughts, FWIW.

[JJameson]

I agree!! I think the Monitor (PWC) and Nautilus have already written off the rest of the shareholders. We have nothing to lose by filing suit. Since this is a Canadian company, do we need Canadian attorneys? I'd say yes or at least attorneys that have a practice in Canada. It would be to our benefit to have attorneys that are familiar with this industry, too.

Anyone have any recommendations on a law firm? Or how we should proceed?

[Club_777]

That's a really great point actually! Could be legal boilerplate...
Why would MB and Metallo let there shares go to zero - I just don't get it. MB has 200 million, Metallo has 125 million, DSMF has 80 million. All higher than $.23.
That's why I feel something positive is going on. Dam this is sucks! Unbelievable....

They don't give 2 cents about their shares (literally!). They are the entities who make up DSMF and the years of loans. They will work out a deal where they get their loans paid back through securing rights to the equipment, IP, and/or exploration/mining rights - essentially privatizing or being public in a new distinct entity.

For a few years now, I've been saying this is my worst nightmare.....they devalue the shares to almost nothing then restructure and screw over all the none Metallo/MB shareholders.

We're screwed.

I agree. Exactly.
I would not blame them though. It is the stupidity of the previous directors and executives that set this in a manner that helped MB and Metalo to take over this way. And from what I see - the court decisions are making it very legal. So sucks to be us.