Unfortunately NRW had a free ride with FMG in the early days being favourably treated and making great returns.
This makes for sloppy and poor management.
All hard money contracts have been poorly priced and executed which is an indictment on executive management and NRW's ability to win work and make a return from this sector.
Now the hard times are here, management is exposed and we are seeing the weakness present.
I have little faith that this executive team is capable of extracting themselves from this mess with favourable outcomes.
You do not arrive at this contractual position if the contract is sound and properly administered.
Dispute resolution is a contractual process and the fact they are still at stage 1 negotiating before going to the arbitrator and then litigation is an upside.
Time will attest to contractual entitlement or incompetence.
We have as owners, paid big salaries and bonuses to this executive who have not demonstrated that entitlement.
Review this years annual executive remuneration against returns and value destroyed to see who is taking in this relationship.
No option but to hold and hope.
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