Lumberg, in and out of doctor's offices is never fun, but I think I am done with that for now.
As for CLIL, you are correct, establishing a Chilean subsidiary was supposed to help circumvent the Chilean restrictions for lithium mining. However, and this is important, William never intended to ever mine lithium. If I remember correctly, one can actually find press releases where William stated he did not intend to mine lithium. If such press releases cannot be found, then he told myself and others this during phone conferences with the Google group, or during my own conversation with him. However, I do believe that he stated this intent publicly.
William said he intended to package the MMTE concessions for an eventual buy out or merger with a company that could actually do the mining. I believe this was also stated in public press releases, but I would need to go back and check to be certain (its been a while since I reviewed the old press releases, and it has not been a high priority for me).
So one might ask, why form CLIL? If one operates under the assumption that William was just a scam artist all along, then it makes perfect sense to form the Chilean Subsidiary. You see, the public reporting for CLIL was non-existent. And with no public reporting, it was always difficult to determine exactly what William was doing. Note that William first purchased the initial concessions with his own money (actually, he only made a down payment) and then he sold the concessions to CLIL for a really nice profit and gave himself a billion plus shares to boot. For some reason, no one on the IFlop board ever thought that this transaction was strange. William was completely reimbursed for the full cost of the concessions even though he only made an initial down payment, and then he granted himself I think it was 1 1/2 billions shares (we found this out in the financials). Finally, at some point some concessions were sold again or listed in MMTE's financials --- this means a transaction of some sort happened. The question is, why the shell game?
I suggest William did this shuffling of assets to confuse shareholders, and to camouflage the fact that he made money every single time the concessions changed hands. Keep in mind, William did "capital raises" a half dozen or more times and publicly stated that these went well. William also sold convertible debt to investors supposedly for the purpose of buying lithium concessions. Finally, William sold billions of shares also for the purpose of acquiring lithium concessions. Where did all that money go? No one knows.
William also is alleged to have shorted his own stock during and after nearly every single press release. This practice likely netted William hundreds of thousands of dollars, and perhaps a whole lot more. Once again I ask, where did all that money go?
I hope I answered your question, and perhaps raised a whole lot more that for some reason few ever wish to talk about.
