RE:RE:RE:RE:RE:RE:RE:RE:RE:John David’s questionI guess I am saying this
1) WC will fluctuate with commodity costs. If sulfur and diesel half in cost then all of a sudden WC drops. One of the reasons WC is so high at the momment is the price of these inputs has skyrocketed.
2) It is not as if they can draw WC down to zero, so it is very notional to say there is $599 sitting there.
3) I don't fundamentally disagree they are intentionally 'backlogging' their inputs and other materiel for the reasons you claim.
Ernieandbert wrote: Rkhosla and YourFriendo look at page 67. It is indeed all laid out there. CA less CL is $599mm for end of 3Q22....up from $421mm at YE21. That is WC that will be released at some point but not before they strike those units, new mgmt gets cheap units adn they get rid of this bond to remove the covenants that restrict them. Don;t think I am right? Wait and see. I am 100% convinced. I don;t guess on such things but you should make your own guess as to whether I am correct.