have to agree with halberds sentitments.
If NWE's puffin royalities really are worth $15m (roughly 3c) share, then AED would be stup!d not to do a takeover of NWE - get the royalty back plus the rest can be freebies. But if they know they aren't going to restart puffin any time soon/at all, they won't do a takeover.
Its acting like a moral hazard on NWE's share price