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12/1/17

Bear Creek Mining (BCM.v): The Santa Ana mega-lose

No matter what Catherine McLeod-Seltzer pretended (e.g. her silly speech at Beaver Creek this year) this was always going to end badly. If you stripped away the emotive arguments and looked at the facts of the the matter, it was as close to an open-and-shut case as they come. IKN tried to tell you too, no end of occasions, latest example here:
"Bear Creek is going to lose. It's going to lose badly, embarrassingly and heavily. Anyone holding this stock for the Santa Ana angle and thinking Swarthout = Payout is in for a nasty surprise."

BCM.v got $30.4m from the ICSID case, which doesn't even cover the cost of the lawyers, let along the time cost.so much for their demand for $522m. Your NR:

"VANCOUVER, Dec. 1, 2017 /CNW/ - Bear Creek Mining Corporation (TSX Venture: BCM) announces that the Tribunal of arbitrators hearing the Company's Santa Ana arbitration claim (the "Arbitration") at the International Centre for the Settlement of Investment Disputes ("ICSID") has rendered an Award (the "Award") of approximately US$ 30.4 million in favor of the Company, which Award includes interest and arbitration costs (including attorneys' fees)."

However, BCM couldn't resist trying to BS you even today with the announcement of this mega-fail...a nasty case of pride swallowing going on, methinks. This for example...

 "...the Tribunal agreed with the vast majority of Bear Creek's arguments."

...it just gringo hogwash. The plain and nasty fact is that there was only one fact that mattered; you should never have taken this case to court because you didn't have a hope in hell of winning. Peru knew it too, which is why their "see you in court, suckers" call was the right one. You lost BCM, period. Own it.