Ann: Response to Media Speculation, page-59

"Ponzi scheme" gets bandied about too easily. It's not a Ponzi scheme. They pay what they pay for the water rights - they haven't artificially inflated those numbers, & I'm sure they're not paying a cent more than they have to. It's how the market works & how it's supposed to work. If there's been any miscommunication or misperception, it's due more to the mismatch between accounting standards & our intuitions about these things than due to anything the company has done, or not done.