Extremely Rough Value Calculation, page-71

thanks for posting Phil as always we tend to get only part of the story it's odd that FAR did not make a similar statement just seems a pragmatic move to play the cash call game.

clearly more twists and turns ahead but the ship is still afloat albeit taking in water but the end game asset remains a quality holding.

so in theory in a three/four months FAR can pay the outstanding amount plus modest interest and reset the clock. what remains unclear is whether they have support within the JV and the JV recognizes FAR position but supports its intent or this is rubbing others up the wrong way.