RE: RE: Base Case--gross Well, if you read the INE PR when the deal was announced AND when the deal broke, you get a better idea of why the deal did not close. There were a number of details that were to be advanced. Looks like some benchmarks were not hit.
IMO, it was not just FVR deciding not to sell. That would have triggered a break fee.
If FVR Management is serious about selling the company (and I have my doubts from reading their latest PR)... and they could have completed the sale, FVR would have closed the deal with INE and then sold the rest of the company...to INE or someone else.
That would have allowed FVR to pay down its debt and have money left over, giving more opportunity to continue development and sell the company less urgently. We all know that when you have no money left and have been borrowing tiny amounts to keep afloat, announcing that you are for sale means everyone knows they can get a bargain. With cash in the bank so you can more easily reject offers, the ultimate sale price would be better.
Plus, selling individual projects is likely to get a better total price than selling the whole package. Another reason why FVR would have been foolish to break the deal with INE, if it could have closed. Also note that when the deal was announced, there was a rough time to close estimate, but in the latest PR INE tells us there was a Sept. 30th deadline. The implication is that since FVR could not deliver by that date, so INE was walking away.
If you read the news carefully, feel free to tell my why I am wrong.