I may have misunderstood you somehow, but you might want to rethink that. A govt 15% free carry will affect both partners in the project by 15%. If each partner was reduced 7.5%, that's still only a 7.5% overall dilution, not 15%.
It's a splitting hairs argument in any case. Hallgarten's 15c target, even if reduced 15%, is still good upside.
I may have misunderstood you somehow, but you might want to...
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