Ann: HAW Mar24 Quarterly Activities Report and Appendix 5B, page-11

The three companies can't come to terms about who is paying for what. Junior partners want profits without putting capital in. Senior partner responds: ok, but I want more of your %ofJV OR I want % holding in your company OR you pony up with cash. Juniors then hem and haw a bit before picking one or more of options presented. Delayed as one junior picks quickly and the other delays, perhaps. Just my guess.

Reminds me of my landlord. Happy to collect rent but getting him to pay for stuff can be like pulling teeth.