"In my mind, the worst case is the arbitrator determines there's...

"In my mind, the worst case is the arbitrator determines there's been no breach of contract and they can't execute the call/put option. Then we return to where we were prior to this announcement."

That was my point exactly: RP will fight back (why would they not?) and state that they have not been in the breach of the contract and then the arbitration will not proceed placing BCC back in the old 'non favorable' position without any way out of it. This is the most likely outcome: JV will continue with no positive change for BCC with the addition of strained relations with their JV Partner (RP).