RE:Keep your eye on the big ballI think that's the only thing we can do, is to look forward to the asset sale or JV. Hopefully it will go through on some capacity. I don't see us around the minimum overall estimate Cosmicac. If our average has been aroud 57 mw, again that would put our net number around 52. You can disagree, but I did receive confirmation from Steve that the Nic. board diplays our gross average. 52 mw net puts us in technical default and I'm not sure where that leaves the company as far as finding a strategic partner.
Maybe potential buyers don't care where we end up exactly, perhaps they are happy since this would reduce the overall price. But this may be a problem with the lenders and reading the press release that as of March 31st 2014, the company was not in compliance with the fiancial ratio requirements which are considered immediate events of default under the agreement. They are looking for some type of waiver, but how long will this waiver be good for and will they be asking for another one since most likely they will need it.
So do we have value in the equity?, do we have anything left for shareholders if we are generating 50 million per year minus our expenses. A number of 40 million in EBITDA is more likely than using an EBITDA of 50 million. What share price would this give us using a 7-8 multiple with 40 million in EBITDA.
Mark