This is a very long thread and I haven't read it all, so this...

This is a very long thread and I haven't read it all, so this analysis may have been published already.

• STX withdrew after due diligence on TPD.
• They don't care about problems with the rump after the excise of the Australian assets.
• They know (more than TPD) of the costs and timelines of Walyering.

Therefore the only area they could have been surprised by is either Condor or L7.

These are not prime targets for STX and they were prepared to walk away from them if necessary. There must have been some sort of hidden clause in either contract committing TPD to some substantial expenditure or maybe a no-opt-out clause. In any case, it would have been material enough to affect the cashflow ex Walyering. The price to activate Condor option perhaps?

We will find out soon if there is a CR to fund TPD commitment in a non-Walyering Australian location. The announcement will be along the lines: with the STX deal off, now TPD must forge ahead with its own growth strategy.