Ann: General Security Agreement, page-311

Thanks for taking the time to respond.

So I originally thought that partner would be definitely paying the money if they were going down this path to keep their 30%, your thoughts have made me re-think that now.

I guess they could have a private agreement in good faith that as long as they are planing for a T/O in the next 12 months they are happy with 15%, like you say, it's still a lot of money. The thing we don't know is the dynamics of the relationship TSO has with the JV partner, and how much they were originally expecting out of all this / how much work they have really done (not much since the beginning it seems), that could really impact the partners decision, he might just be happy with a few percent or the 15% soon in a take over situation like you have suggested.

Whatever the case the logic does point toward a take over, it makes the most sense, they obviously wouldn't want to end up with nothing, and that's what will happen if they don't chip in and we keep spending money.