From Cath - thanks Johnnie, page-103

Why should FAR management resign over failure to gain PE? WPL had a transaction with COP. It appears FAR made numerous attempt leading up to the announcement to raise funds. FAR then raised an issue with COP regarding PE expiration. The reason FAR did this held close to their chest - it was holders that assumed funding partners and made it factual.
Further, the PE does not effect the situation for FAR in terms of it's schedule or JV. However, in the short term, the metrics involved will mean that the MC of FAR will be limited as there is a point of reference for valuation at a minimum level. Of course other factors come into play however pre-deal the project was valued on a premise of 5 dollars?
Anyway, whatever is said and done, we should get some announcements today to recognise the COP/WPL statement. However, if FAR SP drops to sub 6s, I will abandon my TA and buy up lol.