Max,
The longer this suspension goes on the more power that any potential investors have in negotiations.
If all WM,s utterances were actually true about CDU, they would not be cap in hand begging investors for funds.
Why give control of the company to OW and Sino at $1.25 a share. How long did it take for Minsheng to actually stump up the loan after WM announced an agreement. 9 - 12 months, and again you can bet it was not CDU holding it up. Security over all assets for a US$ 65 mill loan. And we do not know all the conditions, could have even been a covenant on plant finishing and commissioning.
If you want to look for the reason the share price is where it is, the answer is CDU management, the way the whole project has been managed, chronic underestimating capital costs, it is not price gouging, the piece meal approach to funding - "we go down to the wire" is no way to fund a project.
Suspension continues !, page-94
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