Share PriceThe only hope for EF shareholders to obtain any meaningful recovery of capital, in essence more than a few pennies per share at best, is for the buyer that they are courting to cancel the old EPA with BC Hydro, which means loosing the $10 Million Letter of Credit, and then renegotiating a new EPA at $120 per Mwh versus the old one at $80 per Mwh.
The metrics on the EF financial statements have no meaning as EF acknowledges they have no idea how to value the asset, hence their late filing of almost 2 reporting periods.
When a conclusion is reached, by either a sale with a net benefit to EF shareholders or a liquidation with no benefit to the EF shareholders, EF can then complete their late Financial Statements.
The mistake the EF management and Board made was they took the turbine loan without having the project loan approved.
For this they are liable to court action and further sanction if they were in the US as they never told the public in May when the bank said no. We had to find out later.
Hip hip hooray for Canada, for no penalty for securities violations and no penalty for any other crime.