RE: HP-L Lignin Market...You are correct.
It does not take much configurational change to convert a biorefinery from corn to cellulosic feed stock.
But, you misunderstand the Lignol business model.
Yes, forest , pulp wastes are cheaper and the ethanol will have a lower refiner's cost.
But, it will still be a break-even at $125 oil.
Lignol's model is to develop and patent high quality lignin derivatives that can be produced from forest wastes etc concomitant , but not subservient to the economics of ethanol production.
That is, ethanol production will be a by-product credit that will reduce the costs of producing high quality lignin products.
In my researched example, the ethanol credits will entirely cover the costs of producing high perf lignin derivatives.
And, Lignol have the protected patents.
Novozymes have patents that complement those of Lignol ( blackwater ) for making pulp mills and their wastes much greener and more efficient.
The wind will blow from this direction...................