AltaGas throwing money away in Nova ScotiaI have not been on this board for some time. I made a nice chunk of cash on a pretty quick turnover of ALA. Then surprised myself and bought in for the long haul. Got cold feet, and lost most of my earlier profit on that bail. No regrets, stick to my rules of engement next time (should not have come back).
I live near the Alton Gas project, which I knew a few years ago was a hopeless dog. They have not touched it for over 2 years now. Every year they say they will re-start. They are if anything, further from it.
I have documented proof now that the Precedent Agreement that requires Heritage Gas to use the storage is effectively terminated. That was the business case. And the project is miles from being able to survive on the free market- even if it could be finished.
Yet AltaGas is right now spending millions to defend this dead horse in court.
I dont see how anyone owning the stock has any interest in bringing dirt to light. But maybe I just lack imagination.
If anyone has a serious interest in pursuing this, you can send me a message. I am NOT interested in discussing this on the board.
Which I realize is hit and run. Tough.
I am only interested in talking to anyone who has a reason for wanting to take this public- however that might be done. (I'm not interested in calling up reporters.)
They say they have spent $70million here. I would say $100million or more.