FERC, BTA's and FID, page-35

Tetete,

You have absolutely no idea what you are talking about. At the point that BTA's are signed the company approaches being a credit rated annuity (with the credit rating set by the credit rating of the tollers). Pick the return you want on your annuity in the future and back calculate the NPV of the waiting time until the annuity begins to pay out (the time to production) and you have an un-discounted valuation (you need to discount things because unlike an annuity the company will reinvest some of it's earnings rather than distribute them to shareholders, and it's uncertain what the rate of return on that reinvestment is worth) for what the company is worth once BTA's are signed (on Magnolia and later on BH). And trust me, that valuation isn't anywhere close to $3.70. This annuity-like valuation is because of the business model that LNG has adopted, and this is exactly the part the American insto's understand all too well (and why they've bought 50% of the company in just over 12 months): it's how all the other such businesses in the US are structured and are valued, and the insto's have jumped on board ahead of time under the expectation that those in the US seeking high yield annuity-like investments will be looking at LNG as cheap compared to other investments once the deal of BTA's are done. If you can explain to me why this isn't the situation then I'll give credence to your claims, otherwise, like much of what else you say, I'll consider that you are talking on the basis of an being an uninformed downramper.