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Managerial Forensics by Diana Heeb Bivona, J. Mark Munoz

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Chapter 3

Featherston Resources: A New, Clean, Green Fertilizer Business That Failed

Sergio Biggemann and Alan Collier

Featherston Resources Limited (FRL) had access to a natural asset, a diatomite mine, with a potential market value as high as $1 billion.1 This prospect captured the imagination—maybe the greed—of each set of directors who took control of the company during its 20-year life. But today, this asset still sits in the ground with FRL no longer in control of it—with all the assets of value in FRL having been sold to an investor with larger pockets who may be able to realize the potential. During its life, FRL scarcely extracted any of the material from its mine, and never made a profit. In order to explain how this came about let ...

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