RE: what do you think of this, Joaquin? A couple of things :
I am virtually positive that Prometic has recourse in their contract with Hemosol... I think they may even have a claim on the plant itslef in the event of Hemosol non performance. So if scale up trials are completed successfully and Milestone payments arent made, Prometic has recourse. However, its quite common knowledge on the street that Hemosol has been shopping a deal, in fact, word for about a week is that the deal is done. Prometic is far better off to move forward with the JV and accept the delays ( as terribly frustrating as they are ) than to begin legal proceedings and blow the whole thing up.
I stand by my speculation that there's more to all of these delays and we will be pleasantly surprised. It just doesnt make sense otherwise..... Even if the result is simply Hemosol recapitalization, successful scaleup and forward progress, its great for both parties. The ARC supply side will come together and the market for the downstream products is quite liquid. Especially if you consider the competitive margin advantages that HML will have and the fact they will likely be able to claim superior product quality....
The natives are restless but I do believe this is all coming together favourably