so what has changed?, page-3

The big fat pink elephant standing in the room, as you put it is really only a function of your interpretation, it is not necessarily one of fact.

PLV would have had very little money available when it came time to negotiate with the JTC. In my opinion, no sensible manager would go into that negotiation desperately needing money.

In my opinion there would have been a raising anyway. Even a small one, so that the people on the other side of the negotiating table could not twist our arm at their pleasure.

Unfortunately, people were simplistically thinking that the JTC will load our pockets at a timing to our liking.
Hard hitting business isn't always that simple.

For me, a cap raising was definitely already on the cards.