Because management did a great job in maintaining the project until it was driven into administration which again wasnt because of market fundementals but as you said it was because a gamble that didnt pay off, it was all a "gamble" for the management. Market fundementals as oppose to project viability is like comparing apples and oranges. You admitted that Magnolia LNG was the weakest among all the second wave project and management wasnt able to step up the game as oppose to other second wave LNG projects. No matter what, if its a complete 100% asset/project sale during administration every bidder will try to get it as close as to no cost given these kind of sale are always firesale. Unlike if its in a restructuring and turnaround process then obviously any opportunistic bidder would have to bid the asset/project at a value which makes sense for a willing buyer willing seller. You cant use the argument of asset sale value during administration as true benchmark of the project valuation.
LNG Price at posting:
4.3¢ Sentiment: None Disclosure: Not Held
