I see the appointment as window dressing for a capital raise -...

I see the appointment as window dressing for a capital raise - hence the focus on ESG. This could mean that Alcoa has agreed to sign the JV, at let us say 5o% ownership, and an agreed pile of oof, and to a degree, FYI must front up with its contribution, and it would do so via a CR with the usual lion's share for the instos, and a sop for the retail holders. To get the instos on board FFI needs a saving-the-planet story, a people-diversity story and a saintly ethics story - in short, an ESG story.

Now if Alcoa walks away, Management would have Plan B, and that too would have a CR step, so all the foregoing applies. When it comes to making HPA, selling it to a HPA-hungry world via buyers of whom FYI would be highly aware, Sandy is unlikely to be useful.