bp a player, page-21

Augusta,

I concur with all of that. Values do get out of wack as just over a month ago ADI was .16-.165, but the run to .38 was overcooked. The AUT presentation points that out and ADI has come back to the fold. AZZ has a more powerful position than the others as their large percentage gives them huge sway within their JV. You can draw a comparison between AZZ's Petrohawk jv where Petrohawk will be paid out before AZZ sees anything. In that jv they have no influence at all. It's not their money. The same for those watching Hilcorp get their money back first. AZZ's big cash flow will come ahead of the other Aussies, and they will be ahead of the curve pleasing the institutions. None of that means that AUT,ADI, and EKA shareholders won't be happy in the long run. It's just that today's slow, steady buildup in AZZ will provide the better reward IMHO.