Latest Sandon letter to Holders., page-60

Valuation of Who Dat - Significantly Downgraded and KAR paid too much or primarily a deferral of cashflow?

I am sure that this has been discussed at length.
However, I would appreciate a summary if anyone can be bothered.

I have the impression that much, most, all(?) of the downgrade to production forecast is related to a decision to curtail gas production due to the low current gas price.

If low gas prices, and associated lower production is all that there is to it, then I would assume that the value is still there, and cashflow has only been delayed. In which case, valuation would only be marginally reduced.

The obvious question, is, is it much worse than this, with long-term production not living up to expectations.
Therefore, paying too much for Who Dat, and destroying shareholder value.

Any feedback would be appreciated, as I am considering a position in KAR .