"A buyer will want FAR to clear its default or be asking for a considerable discount". I think it is a very high probability that WPL and Petrosen don't want FAR to be successful in selling WI ... because I'm sure they would prefer to get the WI via the default process. If that's the case, then no sale would be approved if any defaulted amounts are outstanding. If FAR doesn't have ample cash to first clear outstanding amounts with the JV, the prospective buyer, imo, is certainly not going to give FAR any cash to first clear the shortfall ... can the buyer be guaranteed that the sale won't be pre-empted? I don't think so. BTW, imo, SHs should not have to wait for Quarterlys or HY reports to be updated on the total amount in default.
FAR Price at posting:
1.2¢ Sentiment: Sell Disclosure: Held
(20min delay)