Ann: MPower Refinances Corporate Debt Facilities, page-11

If that's what happened, they would have announced it.

All their announcements are framed a certain way for a reason.

If we can believe the story about 10 sites, then there are development costs which have been sunk, not capitalised. If the auditors would have allowed them to capitalize then that's what they would have done.

As far as we read and understand their announcements, these projects are Build and Operate projects with an option to Own. Under that scenario the $10M needs to fund the development costs, its likely they drew down the development costs to extinguish the balance of the Stgeorge loan, perhaps even extinguish the Chairman's loan.

They will eventually have to provide the full facts.

But if some of the thinking here is true, then it's troubling!