ebitda, page-29

Owen


We know what happened to the deal with the smelter, it has been posted on here a few times. AVB moved on. We also do not know how bad the dilution was on that deal but I would suggest it is a pretty sure bet that if it had been available and better than this deal it would have been taken. My guess is on top of the other issues with the smelter, when they started talking about 3 companies and not 4 as possible partners, well that was when AVB said, "sorry, not good enough".

In this market, with the existent macro, few are getting money, AVB did.