By John Helmer, Moscow

Judge Galina Fedina ruled this morning, after a brief, open hearing, that she is postponing until June 6 her consideration of the injunction against Magnitogorsk Metallurgical Combine (MMK) finalizing its takeover of Flinders Mines. The action was confirmed by the judge’s spokesman at the Chelyabinsk Court of Appeal no. 18, Olga Tige.

The court website reveals that yesterday the phantom shareholder and plaintiff in the case, Elena Egorova, filed two new motions which the judge conceded today she isn’t ready to consider. The website does not allow the motions themselves to be read.
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by John Helmer - Wednesday, May 30th, 2012
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In its May 23 edition, the Moscow Times has published the following item, apparently a notice from the press office of United Company Rusal, directed by Vera Kurochkina.

The new statement refers to Russian media reports of six months ago, including a Moscow Times publication which appeared on November 29, entitled “Foreign Journalist Sees RusAl Role in His Visa Trouble”.
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by John Helmer - Tuesday, May 29th, 2012
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By John Helmer, Moscow

Not even the epitome of Canadian accountability and compliance, Dudley Do-Right, can remember a case when a man who has just defaulted on bank obligations of almost $75 million been allowed to sell promissory notes on his next adventure on the Toronto Stock Exchange. If Dudley is mistaken, and if Maxim Finsky succeeds in launching the Intergeo initial public offering, the market magic spellbinder who will deserve the credit is Corey Copeland (image).

That’s not a dunce’s hat on his head. With degrees from the University of Toronto and Harvard University, Copeland has been the spokesman for large metal and mining companies in the past, like Alcan, Rio Tinto, and Billiton. As reported here, Copeland is the front man for the Intergeo preliminary prospectus issued to the Toronto market on May 14. Company documents say that for his expertise, Intergeo is paying Copeland salary and perks this year of C$522,189. That includes a bonus for his good works last year of C$94,000. If the Intergeo shares make it to market in a few days’ time, he will also be entitled to share options at the IPO price for 0.15% of the total share issue.
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by John Helmer - Tuesday, May 29th, 2012
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By John Helmer, Moscow

The penultimate move in the two-month contest to stop the Magnitogorsk Metallurgical Combine (MMK) takeover of Flinders Mines, scheduled for tomorrow morning at 9 o’clock local time, is already proving to be as bizarre as everything else recorded in the Chelyabinsk arbitrazh court to date.
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by John Helmer - Tuesday, May 29th, 2012
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By John Helmer, Moscow

Oleg Deripaska (image centre) has told President Vladimir Putin that the only way to stop the rot at Rusal is to put an internationally respected foreigner at the head of the Rusal board of directors when the company’s annual general meeting (AGM) is held on June 15. Mikhail Prokhorov and Victor Vekselberg have told Putin the only way to stop the rot is to put a trusted Russian at the head of the board, and remove Deripaska from operational control of the company before he destroys it financially.

The foreigner Deripaska has told Putin he wants to appoint as chairman of the Rusal board is Matthias Warnig (image left), whose East German government career is not exactly respected outside Moscow. Because Warnig is also thought to be an early career ally of Putin’s, the Deripaska nomination has been interpreted as Putin’s decision. It isn’t, not yet.
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by John Helmer - Monday, May 28th, 2012
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by John Helmer - Sunday, May 27th, 2012
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By John Helmer, Moscow

It’s a pity it had to wait until the Facebook folly for a lawsuit to be launched against Morgan Stanley on the double-barrelled charge — the investment bank and underwriter lies in its prospectuses and makes saps of share-buyers. According to the federal US court filing, “the [Facebook] registration statement and prospectus contained untrue statements of material facts.” In addition, Morgan Stanley is charged with selective disclosure of information, so that “preferred investors” get the better of everyone else in the market.
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by John Helmer - Friday, May 25th, 2012
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By John Helmer, Moscow

Captain Matthew Flinders was a late 18th century British Navy captain and one of the greatest explorer navigators of his time. His circumnavigation around the southern continent he called Australia also led to the naming of dozens of places by his name, along with a species of local citrus tree. He spent so much time at sea, and so little at home, he wrote a book about his shipboard companion which he entitled Trim, Being the True Story of a Brave Seafaring Cat.

Understandably, Flinders Mines (FMS) thought their hole in the ground in Western Australia should be named after the captain, though after their six-month brush with the Russians, Trim might have been more apt. Here’s the tale so far.
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by John Helmer - Thursday, May 24th, 2012
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By John Helmer, Moscow

Magic is a type of confidence trickery, but not all confidence tricksters are magicians. The difference is whether, when the magician pulls, the hat has got a real rabbit in it.

Minerals under the ground have something in common with rabbits; that’s to say, sometimes they are there – sometimes there’s only the illusion they are. Junior mining companies have this much in common with magicians – if they point a wand and recite a spell, they expect you to believe they can deliver at the minehead what you can’t otherwise see underground. The other difference is that on the stock exchanges, mining company promoters can collect bigger fortunes than magicians with this sort of hocus pocus.
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by John Helmer - Tuesday, May 22nd, 2012
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By John Helmer, Moscow

Novolipetsk Metallurgical Combine (NLMK) and its owner Vladimir Lisin have won a suppression order against Nikolai Maximov, former owner of the Maxi group of minimills and scrap processors, from the Higher Regional Court of Hamburg. A three-judge panel has imposed a permanent injunction against publication in the press of claims by Maximov against Lisin, ruling that Maximov has made them up and despite dozens of court cases has failed to substantiate them.
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by John Helmer - Monday, May 21st, 2012
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