QuestionThe PR talks about "substantial mechanical completion" by end of 2011 from Windstar and "mechanical completion" (which sounds better) for Kingman by end of Q2/2011. Anyone knows the difference between that and real projection completion and electricity (and revenue) starting to flow? How many months are there between "substantial mechanical completion" and start of electricity generation? This might explain the muted reaction to today's news if it was interpreted as a possible delay to the assumed project completion by end of this year. There have been so many delays over the years that long-term investors, like me, are no longer moved by the constant flurry of PRs while we're waiting for Jeff to put up his first (that's right, he never put up a single one, he bought an existing wind farm that's all) wind tower. We need to keep the pressure on management on avoiding further delays.
Also I think in the past the granting of options was sometimes limited in time (really not sure, was it new shares?) as to when they could be first be exercised (not only when they expire). Anyone knows if there was any such limitation exists for the 3 million shares that was granted to directors, officers and consultants of the company last month? If there are none I think there might be a bit of ethical issue in granting options at $1.09 a few days before announcing a share buyback that would be of course much higher, which means those options would not have been an incentive for performance, as they should be, but a straight giveaway...Making sure those 3 million options could not be exercised for the buyback would alleviate that concern.
Don't assume those selling out there are completely clueless. WND has a huge credibility issue accumulated over the years and investors are no longer moved immediately by these constant PRs. For the record I've held a relatively large chuck of WND shares for many, many years and have never sold a single one, so I'm one of the good guys (not too smart for not having sold before but good!). I just think we need to stop the love-in with Jeff and let him know we're watching closely and that any delay or more questionable stock options will keep the share price down.
WW