Just read the Sefton Resources update released HERE. What an absolute fantastic 6 months Clem Chambers and Mike Hodges have had. The SER reconstruction has now begun in earnest. It’s taken some time but believe me it is well and truly on track.
From what I can gather $75,000 has been recovered from their insurers/solicitors as well as a thumping $140,000 damages and costs order awarded against the vexatious Jim Ellerton. The management have secured the award in a lien against Mr Ellertons Hawaii residence. A quick check of Hawaiian state law shows that the lien accrues at 10% per annum which compounds i.e. after 12 months it’s 10% on $154,000 etc. So Jim I suggest you or your estranged missus get the house up for sale, otherwise it’s just going to bleed you dry at 10% compounded over every year. Or maybe we can all head over to Hawaii and get Jimmy to put us up for bed and breakfast and knock it off his lien lol!
More good news comes in the shape of the sale of the poor Kansas assets. All liabilities are gone, some-where between $500k-$1,000,000, wiped off the books and $5,000 in cash. Good news again, the third and final court case from ‘the Jim’ is to be covered in full by their insurance. Again when successful yet another order for damages and costs will hit. Which means so far in 6 months Hodges and Chambers have secured for shareholders most importantly the Company from administration, two court victories, and approx. $250,000, give or take when the lien kicked in or if interest is back-dated etc. That should show in the accounts as a net increase in cash and cash equivalent’s of at least $220,000. For the first time in its long and dark history Sefton are genuinely in the black.
Which begs questions; Why did the disgraced Raylene Whitford and the Nomad Allenby Capital not do what Chambers and Hodges have done? Fight Ellerton and insist that the insurance providers cover all the costs? Why did they spunk away hundreds of thousands of dollars of share-holder cash in legal bills when, as Mike and Clem have just shown and fought for, the insurer should have covered ALL costs? It’s yet another vindication of the fight to save Sefton from the dogs who were raping the company coffers. The corporate jackals and the 40 consultants and advisors.
Sefton is in safe hands as the reconstruction continues. It’s looking mightily far more healthier financially than at any time under the disgraced previous board.
Who knows what the next 6 months will bring? The return is on track.