Joe Gutnick plans to list his Legend Mining in Australia. And THE AUSTRALIAN (News Corps orignal flagship newspaper) has taken his numbers at face as shown in this linked article.

Which leads to an interesting question: why bother paying stock shills USD2500 when the News Corp will take your adverts without payment?

The article of course makes it plain:

The company sees a local listing as logical, considering the operations will be based in Queensland.

But this would involve trading existing shares — there are no plans for any immediate capital raising here.

So Joe is going to flog existing shares in Legend to the Aussies. The $2500 stock shilling in my last post is the pump. The sale to Australian fund managers is – well a way of getting some cash into existing shareholder pockets.

Now Bronte Capital has always had the best interest of Australian Investors at heart. So – seeing this as we do – we have have purchased the Google search terms “Joseph Gutnick”, “Joe Gutnick” to link to this blog.

My adverts will cost a lot less than $2500.

Last 5 posts by John Hempton

• In praise of fraudulent accounts - June 18th, 2008
• Its time for a short version of yesterday's post - June 17th, 2008
• What’s a nice girl like you doing in a place like this? A comment on General Electric’s corporate lending business - June 17th, 2008
• Barclays in denial - June 16th, 2008
• Stephen Cooper - a follow up - June 16th, 2008