It wasn't my intention to get into this quite so deeply, my initial responses on this thread were to point out the very big difference between the reported activities of the private company EWI and any potential benefit to the public company EWC. I don't particularly disagree with the meme that EWI may source projects for EWC but I haven't seen any evidence of it happening to date and wonder why and at what stage EWI would step away from a profitable deal simply to enrich EWC shareholders.
As for fees , it is easy to imagine how the conflict of interest in the current arrangement would need to be managed by full and prompt disclosure. We are fortunate then that EWC always keeps it's shareholders so well informed.
I haven't taken much notice lately but I do recall a payment ,I think , in 2008 to Slipform for $45mil or so for the construction of the Sengkang LNG project. In hindsight , that payment now seems a little premature and lacked some detail.
In any case , I still hold and agree the Elliot involvement is overwhelmingly beneficial for EWC and like yourself hope there is some eventual payoff for us out of EWC and Sengkang LNG.
By the way , if a company was a "fraud or promote" as you mention, I don't think a corrupt management would have too many problems . The easiest way would be to drag the main project out as long as possible , throw up numerous phantom projects along the way and then after stringing everyone along for ever ,maybe have the whole thing fall over due to regulatory problems, let the public company go broke and any assets could then revert to the company's major creditor. Nice and easy.
EWC Price at posting:
47.0¢ Sentiment: None Disclosure: Held
