Ann: Kidman & SQM Investor Presentation, page-74

Actually the narrative is pretty simple from here on.

Weak JV partner who has under estimated the cost of completing the project in one corner. Let's call it the blue corner as that's generally the colour used for the good guy.

Strong JV partner who has properly estimated the cost of completing the project in the other corner. Let's call it the red corner as that's generally the colour used for the bad guy.

Bell rings. Knock out in the first round as the weight of two fighters is totally mismatched. The good guy should have been fighting in the fly weight division not the heavy weight division.



Esh