the one mistake ngf made

I think I see the light

The problem with NGF is that they got screwed by Lehman Bros right at the very start

The $875 hedge forced on ngf at the start means that ngf will never make enough profit to get over 37 cents until 2012 (but will be able to break even to pay the interest).
so for the first five years Lehman Bros and their heirs will get a nice big interest payment and then when the company can finally start making profit they get 150mil shares

I am tired so this is probably wrong
but if you look at ngfs total turnover, its seems that the interest payments and the hedge are the main dead weights holding it down and while its down it cant shake the dead weights.

Everything else is shit happens and can be fixed