Rupert
You seem confident that the shortfall($1m?)will be over subscribed, which is nice to hear if it works out that way.
I was of the opinion that better than 50% would be a reasonable result in this cash strapped environment.
However, as you point out, I guess most of the shortfall will be filled by funds generated by exisitng shareholders selling ESI to position themselves for the shortfall rather than "new" cash. Therefore, a win/win for esi and those shareholers (and vicariously, rest of the shareholders).
Is this a fair assumption?
tbedon
$1bn at risk if state does not release coal, page-13
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