EPA update, page-24

And I have a feeling the TMT plan submitted to the EPA will likely be what they go with...

Taking it entirely how you put it, we essentially go forward with TMT but just add massive dilution and water down the returns for TMT shareholders.

I guess we might/should see in the scheme booklet what the way forward looks like, but I am guessing they will still be keeping it vague enough so TMT shareholders can't directly translate their future plans into 'hey this is all us, where is AVL's value add?'. And once the merger is done and dusted they'll break it lightly to AVL holders that their plans are on the scrap heap but never fear TMT's plan is great anyway and allows us to "keep" to our construction timeline, so everyone wins.