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Message: Re: #8 - date for this countdown number ? - $1M jackpot
#8
1
Oct 02, 2013 08:35AM
8
Oct 03, 2013 06:17PM
6
Oct 03, 2013 07:24PM
5
Oct 03, 2013 09:18PM

LB,

Some comments on your post:

1. Costs are in the order of $1M (according Moe L., I think. You may want to check this out yourself to be sure).

Your post says: "This is an assumption. Only KWG Resources knows it's legal costs of the merits motion and would not make that information public."

Here is what Moe was quoted by the Sudbury Star:

http://www.thesudburystar.com/2013/09/12/cliffs-natural-resources-rebuffed

If Cliffs doesn't appeal the decision, it must pay KWG's costs to fight the application at the tribunal, which sat for seve ra l days in February, expenses estimated by Lavigne at $1 million.

So, my recollection was not that bad, and Moe Lavigne (KWG/CCC VP) was only give an order of magnitude. Bet that they have the total costs available and ready for submission any time (to the cents, most likely).

The sum of $1M dollars is just a ballpark figure, this is loose talk, since $1M is easy to remember. You have attempted your first pass at the costs and they came out in the same sort of order.

2. Why it's called Jackpot? You are right, this is just to get back the money that KWG has spent, but the defendant (KWG) is not guaranteed a refund of the court costs, even though it was dragged into this case and had to spend money to defend itself. To get these costs awarded by the Commission (at the expense of CLF) is a win, just like winning a jackpot ( $1M represent a significant amount (16 %?) of the current cash in KWG piggy bank).

3. Other legal and procedural stuff:

I have nothing to add, since you have provided detailed explanations (chapters and verses), with one exception as discussed below:

- KWG breaking the rule by revealing the court sealed and commercial sensitive information has resulted a smack on the wrist by the Commission. I would not expect the Commission to re-open that again. The Commission could have imposed a fine , but not to award CLF anything. Besides, I would expect a small sum compared to $1M.

Thanks for verifying the appeal deadline of Wednesday 9 Oct 2013 (...and the Act does not say business day, this is interesting). It looks like you have spent quite a bit of time studying the fine prints. Bravo!

goldhunter

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