hc is indeed a public forum bluec2, page-10

LC56,

- JV is 50/50, that is not in question just one party CMR is in admin, normally when this happens the other party takes over as manager, as HNC have not exercised their right yet that is not to say they won't.

- When a party to a JV can't fund their share a dilution clause kicks in which exchanges their share for non payment, so in effect they can't be held liable for more than the value of their 50% and is in the form of an agreed formula set out in the JV.

- HNC want to run it with payments going firstly to repay their contribution on behalf of CMR then other creditors, I see nothing wrong with this and expect is the main issue of contention between GT/Cornell and HNC, creditors have to wait a while before they see anything.

- Above is on the assumption plant works, still a risk at this point in time. No one has said what are the problems and how much to fix?