Sage RanchI note the GRB had a new release out on the Sage Ranch approval. I note the following quote from the news release:
"Greenbriar owns the 995-unit project without any debt, being one of the only projects of this size in the USA, to own 995 lots, debt-free. This is in and of itself a USD $120 - $150 Million net value to Greenbriar."
Jeff, what am I missing here?? What do you mean GRB owns it? Is it not subject to a 50% net profit/JV interest? Why does no news hit PWR? We see this on one side but not the other... this doesn't seem to help shareholders of PWR... I see GRB is likely to trade up today, PWR, nothing....
What happened in the 2020 non-arms length transaction between GRB and PWR. We lost 50% ownership of the land - which I assume is now worth a mint after approval.
We had to pay GRB to convert our ownership in the land into a 50% net profit interest/JV (10-11M shares etc, cash, costs incurred to date). In your valuation competition post you noted PWR would likely at most have a 25% interest in the project going forward as they would be unable to fund their portion of development costs.
So what was in this 2020 transaction for the shareholders of PWR? I see that GRB benefited and now we don't even get the benefit of being named in news releases in relation to this project. which at present is NOT FULLY OWNED by GRB as the press release claims.
I would respectfully ask what is going on with this??