what's the big deal?, page-3

Thank you, Michael, for the thoughtful response. I don't have as good a sense for the history behind the name as many of you (although I've read about many of the poor decisions)so that was a helpful post.

I think there has been an important change at AJL that is not well-appreciated at this point. Kerogen is in charge, and Kerogen's interests are aligned with yours and mine as they are large equity holders. Sure, Kerogen owns a big chunk of debt too, however, they're long-term investors and are attracted by the equity value in Cuadrilla which for various reasons means their principal upside will be through equity in AJL.

We'll start to see evidence of this in the financial reports. The restructuring management has spoken about is significant. AJL is becoming a smaller, better run, more efficient operator. This will lead to a more sustainable situation where we can all benefit from the long-term value resident in Cuadrilla.

Much of that value won't be realized quickly. There will be setbacks and failures. But if AJL can get back to health so that we're not worrying about its day-to-day viability, then we can have some measure of certainty that we'll be around to reap the rewards that ultimately accrue to Cuadrilla through its multitude of unconventional European assets.