sea 2018, page-113

just look at the B/S of fpl - its basically bankrupt - so price decline isnt due to consolidation but a company going backward and fast.

they raise money and spend on leases in Colorado - and rest go to directors pockets - sp should be 0 imo - a different scenario to sea which points out the companies do consolidations for different reasons some good some bad - its a red herring in sea case but par for the course for HC.