Ann: Half Year Accounts, page-28

Why would AGY want ATL to take over management of operations? I mean, hey, maybe if ATL offered a few million dollars on that condition, AGY would accept, but it would be a stupendously bad look for AGY - why would AGY outsource management to an irrelevant company? That's just an admission that their own team is useless.

Why would ATL want to put that much money into a project which has already spent years proving they couldn't do it and failing twice? How did their last investment go? Sure, a few million dollars is pocket change to them, but after being absolutely robbed of a few million, why would they come back to throw a few hundred million into the same hole? Fool me once, shame on you, fool me twice, shame on me. Fool me twice in a massively larger and more harmful way than the first time, I'm probably too stupid to be in charge of anything, let alone this type of decision in a company as large as ATL.

Sure, your figures may be fine, but you're working on some extremely unrealistic assumptions - the assumption that they can somehow convince someone to put up the funds, the assumption that for some bizarre reason AGY is suddenly able to make their method work despite all the previous years of making no progress and having no promising avenues to explore (if they had any, they wouldn't have shut down when they did), the assumption about the economics of the method if it works (perhaps not the most unrealistic, but it's based upon other completely unrealistic assumptions, and itself is a very, very long way from being something you should be confident about - it's being said by the same company which was planning or at least saying they were planning to generate income from the 500TPA pilot plant!).

And you're ignoring the absolutely tremendous dilution which would occur if that massive an amount of funding was thrown in with all those risks. Current shareholders would be diluted to flup.

You say Pablo and kids need to go and JZ needs to wake up...

Really, shareholders need to wake up. Pablo is the supposed genius who could make the thing work. If you want to get rid of him, you admit the only guy who could supposed do it, can't, which leaves you without even the facade of a claim of possibility of success.

JZ is fully awake, always has been, knows exactly what he's doing. He's making a fortune. It was never his job to make the operation functional. It was his job to convince people to buy shares and keep holding them, believing in the project even if it was doomed. Unlike Pablo, he did a brilliant job. You're living proof.