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CKK, CORETRACK LIMITED
Duster
post Posted: Apr 13 2012, 11:52 PM
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In Reply To: rozz's post @ Apr 13 2012, 12:10 PM

Hi Rozz

QUOTE
Lost just under 50K


Wish I had !

Yep ............. get over it and move on. There's plenty more out there.

Cheers,
D



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Patience is the key to success.
 
rozz
post Posted: Apr 13 2012, 12:10 PM
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In Reply To: Duster's post @ Feb 22 2012, 03:57 PM

Hey Duster what a disaster CKK turned out to be . Lost just under 50K and it looks as if I would have lost a lot more had I held on.

Anyway back to the future and trying to find the next 10 bagger, that would be nice. Just stumbled across CXO, has all the potential of

being just that. Worth a look at these prices. Cheers rozz.

 
OZGAZ
post Posted: Feb 22 2012, 08:59 PM
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In Reply To: Duster's post @ Feb 22 2012, 03:57 PM

Hi Duster, potentially this could have been a barn stormer but how quickly things can turn....sorry you were burnt on this one and hope you can make a ten bagger somewhere else

Hang in there....

Cheers

Ozgaz



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Smile while TRADING it's only money... :)

Said 'Thanks' for this post: Duster  
 
Duster
post Posted: Feb 22 2012, 03:57 PM
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In Reply To: radd's post @ Feb 22 2012, 02:44 PM

Hi Radd,

No intention of going back in on this one, just watching the outcome. IMO there's no way either of the warring parties will do a deal, so to me, it looks like an expensive fight 'till the death. Many rumours doing the rounds but I won't fuel the fire - pardon the pun.

Are you still holding any WHE ? Possibly a turnaround coming ??? and I'm loaded up. Got to recoup > $100k I lost on this dog.

Lucky I didn't average down, it could have been a lot worse ......... lol

Cheers,
D



--------------------
Patience is the key to success.
 
radd
post Posted: Feb 22 2012, 02:44 PM
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In Reply To: Duster's post @ Feb 22 2012, 01:41 PM

Hey Duster,

Have heard there is a bit of a fire sale going on atm, so wouldn`t touch this dog with a 100 foot pole lol....

Cheers Radd



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All things are difficult before they are easy,Keep your mind focused on your goals and you will acheive them!
 
Duster
post Posted: Feb 22 2012, 01:41 PM
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Although I no longer hold, I'm watching the current preceedings with interest.

QUOTE
The Company is also in the process of re-negotiating the terms of its existing Convertible Note facility.


hmmm....... that could lead to a number of outcomes. They are obviously lacking funds atm to pay out the CN holders, so does this mean "we'll pay you after we flog our drilling equipment" ? ............ I would guess not and can only speculate what this is leading to.



--------------------
Patience is the key to success.
 

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nipper
post Posted: Feb 7 2012, 03:42 PM
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In Reply To: noosaman's post @ Feb 3 2012, 09:42 AM

from newswires
QUOTE
Coretack (ASX:CKK) advises that Strange Investments has applied for an interim injunction that, if granted, would allow it to take possession of Coretrack's GT3000 drilling rig following on from the purported cancellation of Coretrack's IP Licence Agreement by Strange Investments.

For the purposes of clarification, the GT3000 (which contains one item patented to Strange Investments) and all other equipment is owned by and was paid for by Coretrack shareholders.

Strange Investments are seeking to make use of a clause in the IP Agreement (signed January 2010) that provides for Coretrack to "deliver" the rig to Strange Investments in the event of a termination of the agreement.

Coretrack will contend that any obligation to "deliver" the rig does not effect a change of ownership of the rig thereby preventing Strange Investments from using the rig commercially. The injunction is listed for hearing at the Supreme Court in Perth on Thursday.

Strange Investments is also seeking to prevent Coretrack from selling or dealing in any way with the rig.Strange Investments has also included two other items of equipment in its claim for interim injunctions:
1) A Rod Handling Unit; and
2) A set of spare tracks that are attached to a rig base.
Coretrack is continuing to make preparations for the sale of its drilling and workshop equipment (which does not include the equipment identified above or the GT3000 rig itself) which is currently listed on its consolidated balance sheet at approximately $11 million.

The Directors and management are currently undertaking an audit of all equipment items and believe that the realisable market values of its equipment will be less than this amount.

The $11 million equipment value does not include the GT3000 drill rig which is currently listed at approximately $5 million, on the balance sheet of Globe Drill, a wholly owned subsidiary of Coretrack.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
noosaman
post Posted: Feb 3 2012, 09:42 AM
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In Reply To: Duster's post @ Feb 3 2012, 07:44 AM

Duster - This from The Ferret in this mornings news - What a disapointment this Co has been - fortunately I gave up
on them several months ago.

It's been a miserable 12 months for CORETRACK (ASX:CKK) as the
shares spiralled down from a "high" of 22.5c to 3.3c ahead of a trading
halt last Friday.
The shares resumed trading yesterday and things just got worse.
Coretrack fell 1.2c to 2.1c and plumbed 2c.
The trading halt was to announce a new tale of woe.
Coretrack has received notice from its licensor, Strange
Investments, that its IP Licence Agreement permitting the manufacture
and use of the GT3000 drill rig by Coretrack, has been terminated.
Strange Investments is also attempting to make use of a clause
in the IP Licence Agreement which provides for Coretrack's GT 3000
drilling rig to be "delivered" to Strange Investments in the event of a
termination.
Coretrack's legal advice is that the agreement has been
terminated unlawfully and, as such, the company will be commencing legal
action immediately against Strange Investments for loss of earnings and
damages.
But, wait, there's more.
"Coretrack wishes to clarify the details of a disagreement that
arose recently with the Licensor's representative Mr Warren Strange,
with respect to his offer to dry hire the GT3000 rig for use in a
drilling contract that he was attempting to secure in Slovakia," the
company said.
"Whilst Coretrack was disappointed that Mr Strange was not
pursuing this contract on its behalf, Coretrack was nonetheless
agreeable to dry hiring the rig to Mr Strange on acceptable terms.
"However, when it was discovered that the company that Mr
Strange intended to use to take the rig overseas (Strada Energy Pty Ltd)
was only recently set up, had a paid up capital of $2 and had only one
director and shareholder - Mr Strange's 22 year old son - Coretrack
required a suitable guarantee in order to protect its assets. Mr Strange
refused to provide one."

 
Duster
post Posted: Feb 3 2012, 07:44 AM
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In Reply To: GarryW's post @ Feb 3 2012, 06:16 AM

Hi Gary,

The contract was heavily skewed towards Warren in the first place imo, however, the argument is if CKK were in breach of that contract. According to CKK, they weren't.

There are only 2 outcomes imo, and I'll keep my predictions to myself but we have wasted far too much time and money on this dilemma imo. Warren has a large following amongst shareholders and many will back him, if it comes to that, or, we may very well end up as a completely different outfit. It's all going to take time, so as I said, don't hold your breath.

Imo, CKK will NEVER work as a drilling company under the current set-up, (if you get my drift) There are of course other options but I guess you better talk to Cygnet about that one.

Time to focus elsewhere until the fog lifts.

Cheers,
D



--------------------
Patience is the key to success.
 
GarryW
post Posted: Feb 3 2012, 06:16 AM
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In Reply To: Duster's post @ Feb 2 2012, 04:15 PM

Duster

From the notice 18 01 10""""Termination:



Subject to the terms of the Licence:

1. either party may terminate the Licence with immediate effect by giving written notice to the other party if it ceases to carry on business or an event of insolvency occurs or the other party commits a material breach of the Licence which is incapable of remedy or fails to remedy within 30 days;

2. the parties may, by mutual agreement in writing, elect to terminate the Licence;

3. if Coretrack discontinues its provision of the services in relation to the IP, SIPL will have the right to terminate the Licence upon 30 days’ written notice; and

4. if Coretrack fails to meet any of the minimum performance obligations in any year of the term, and the parties are unable to agree on new minimum performance obligations or if Coretrack fails to abide by the new minimum performance obligations, SIPL may, at its discretion, on 7 days’ notice, change the Licence to a non exclusive licence, alter the territory or terminate the Licence forthwith. """"" CKK


Just got to read to the end !!! and CKK must build 2 rigs a year on the successful commissioning of the drill rig also - I would suggest that the rig is not commercially viable yet and as such no breach - or am i dreaming?



What a mess






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"Go ye therefore into yon wilderness, and seek out that Golden rock, upon which all nations are built"
 
 


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