Don't think I ever disagreed that there wouldn't be a need for future cash calls, by either JV partner. But I still have an issue with your logic and reasoning. You are still confusing the issue and justifying it based on cash flows reported, but you can't do a full analysis until you know the starting point and understand JV operations and accounting. To date, no one has that starting point. Sure, you can look at operating cashflow profits and losses and come to a biased conclusion, depending on which side of the JV you sit.
So to that point, if SYQ didn't have a robust enough cash balance at the outset, then the CEO needs to go (but then he did, didn't he? Or was that someone else - apart from the dozen others let go). Generally, a JV would be/should be/needs to be, operated on stand alone basis. It wouldn't (or shouldn't) be operated as part and parcel of SYA - which you are suggesting. How could other JV partners then trust the accounting records to provide a true and fair snapshot of the JV operations? That's why JV's hold regular JV partner mtgs to keep a handle on operations and the JV CEO has an opportunity to advise the JV partners whether there is enough cash in the JV to operate. Or do you think the JV CEO merely rings JB to ask KP for more funds because SYA has already stumped up their fair share on a day to day basis?
My bet/understanding is that the JV is being operated as a stand alone (which it still can be even though SYA consolidate it in their accounts). And the reason why I believe it is happening is that when cash calls are made both JV partners are called to contribute according to their holdings, as cash contributions.
If the situation was happening as you prescribe, then why on earth is SYA contributing at the same time as PLL? Surely in that situation there would be a contra journal for 'all' of the SYA component (which apparently has already been paid) which then wouldn't be a separate cashflow item, and SYA would be carrying/reporting a prepayment of JV contributions in their accounts? I don't see any of that happening here. And if it is happening, KP should know better than to allow it to run this way, because it reduces the transparency and accountability to a JV partner.
What I do see though, is the Govt bookkeeper on your site who apparently knows all, has stirred up the masses with his wild fantasies and now it seems to have become 'lore'.
Anyway, as I mentioned, until we know the starting cash balance, both of us are just guessing.
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