Ann: Tomingley Debt Restructured, page-95

One example is that they appear to have already decided they want to move forward with NMPP via a 50-50 JV, to the exclusion of any other arrangement. This is presumably for reasons related to retaining control of the project. Is that the optimal arrangement? I'm not sure, however they have signaled to the market that this is what they plan on doing, which decreases the likelihood that potential JV partners will invest the necessary resources to study the NMPP, let alone approach ALK with proposals for different arrangements. I think they should be open to all proposals, and be willing to objectively assess them on their merits. I also think they totally disregard the extreme patience retail holders have been willing to grant them.