RE: RE: RE: this oneLast word. Started tracking the story Aug 08. Accessed the situation as a interesting risk/reward trade. Followed the story believing management could squeeze some value out of assets for shareholders. Post Dokie Sale analysis.. I know who cares but nevertheless. Bloody travesty. Still baffled EF doesn't pay out something! $130 million LOC crushes company... can't secure senior debt or raise capital resulting in credit protection for like 8 months. Yeah yeah yeah, the economy was in the dumper.. credit was tight... timing was crappy. Finally GE/Plutonic steps in, pays WestLB $26.3 (basically what EF drew down from $130 mill LOC) million and replaces WestLB's letter of credit... I assume WestLB leaves the picture all squared up. GE/Plutonic assumes all other project liabilities, about $25 million according to EF. What the hell happened to the money in escrow, $13.2 million and the letter of credit EF posted to BC Hydro, approx $11 million, which if I can read is being returned to EF (read May 29, 2009 news). No mention of what's happening with this cash. Ahhhh, but, what they did negotiate was the CRCE terms for flow-through shareholders... curious to know who they are???
News announcement comes out May 29... last line of news reads shareholders aren't expected to get jack.... I'm assuming stock is dead in the water June 1, but no, another news announcement comes out stating GE/Plutonic considers acquisition. Stock runs on huge volume giving an opt for 1 last huge liquidation... I off my .015 & .025 accumulated from Nov '08 into a market which is completely unaware the May 29th news announcement stated the no expected recovery bogus for shareholders.
Interesting note, GE's now in the 2008 Power Call via Plutonic Energy's bid sub, EF's bid sub, & the new darlene.. FVR's bid sub... the saga continues. Just couldn't leave it alone.