It is quite a tough read and confirms a lot my suspicions. To...

It is quite a tough read and confirms a lot my suspicions.
To see that Roadpost might be making $14m in annual royalties, compared to Beam's $1m is infuriating.
And all for a US$600k loan - disgraceful.
When burns us shareholders even more when the arbitration alone will cost us $1.5m in costs.
I've called it the worst JV on the ASX many times and I think those numbers vindicate that.

Remember that Beam make a tiny margin (10 - 15%) on the sale of the ZOLEO products to the JV.
So BCC shareholders have essentially funded through low gross margins, Roadpost's ability to build a $14m annuity revenue stream.
And now we are going to have to buy that back from them for $50m.
The delivery of a product at low margins to gain market share should be a key element of claim in the JV arbitration
Particularly if BCC operated in good faith and RP have not.

The other concerning element is the team that negotiated that JV deal deal is also running our arbitration strategy.
There are no guarantees they don't make bigger mistakes this time.
You can't correct a big mistake, by making a bigger one to try to correct the original one!!
I hope they are getting some good advice.

I still think the cleanest solution is to sell the whole JV to a third party (Iridium?) for US$125m to maximise returns.
Beam can then focus on a capital return to shareholders and developing devices they own 100%.
Then there is no need to go into large debt for a device that is halfway through its lifecycle.