Well, nothing (no pun intended)I can say will probably change your viewpoint...
If you read my "to: investors" message, that's my stand...
As for fertilizer, despite the company trying to sell itself primarily as a fertilizer company, that was not the primary intent of the company. I think that the lofty earnings goals of the company could never be supported by the fertilizer product alone (that is unless it is proven the fertilizer has certain toxin-leeching properties that are being tested at last report from Mike Garjian at Virginia Tech). I never thought that anyway (that fertilizer would be the primary product and that despite the WSR Report).
The fertilizer, as I'm sure you know, is a byproduct along with the fuel and the gas, of the Rivera Process...
There are no byproducts, to my knowledge (meaning I have never seen any but these three byproducts advertised) that can't be sold. Again, that was one of my reasons for wanting to get involved here. Nuclear produces waste that they are still having problems disposing of. Didn't read that here.
Why no fertilizer sales? Good question. It was suggested at one time (and I don't remember if that has changed) that Natchez had not secured enough storage for the fuel.
Not only that, they are waiting on the Blender's Permit for Natchez. I understood this to mean they can't blend USSE biofuel with the other fuels until they get it. So again, even if they pass muster to make the additive USSEC fuel, does it make sense to start generating it if they can't blend with the other fuels to make OD-66?
So, does it make sense to produce the fuel in such quantities where it's not going out yet via distributors to my knowledge (other than Geobiofuels who got his from Houston) and not have sufficient storage capabilities? Was this not exactly good planning (to have the necessary permits)? Probably not, though it has also been suggested that Kelmer "let us down" in that area.
Remember, the fertilizer is a byproduct of the process. It can't be made without making the fuel.
Garjian seemed pretty hot on the fertilizer. They had even sent it to Virginia Tech to test for other potential toxin-leeching characteristics that Mike himself said were interrupted by the shooting.
The dividend: Shoot, this didn't work out for you. And seriously, I'm sorry about that. But I don't think all that confusion was JR's intention. Do you really believe (even if it was a scam, which it isn't) that he would risk shareholder wrath by changing the characteristics of a stock dividend?
Shoot, he probably could have canceled the dividend if it was a scam. But, no. Whatever challenges (and this is where JR fell short by not communicating the why) were occuring with the dividend in its original format, it had to be changed. I never really did follow-up to find out why it went down the way it did. Why? Because I held the shares and got the dividend. Not only that, I don't think the dividend is what I should be concerned with right now. It's all about revenues, bay-bee.
I think JR tying up 640 million shares of SSTP in USSEC's treasury and then issuing the same 1:1 on USSEC was his way of trying to make it right for shareholders. Unfortunately, those who traded out earlier (and I will assume you were one) had a different expectation. That's unfortunate. I can understand why you think that may be dishonest. Maybe because I'm on the other end, I see it differently.
I think whoever is writing the PRs needs a little help. I think they write them expecting they will stand on their own and don't anticipate the myriad of questions that those PRs raise. Not only that, if details are not explained in the PRs, Redwood should be able to fill in the details. That is their job. Again, I don't think (and I'm serious) any of the PRs were to purposely mislead.
I have explained that in my OTHER lengthy post here today that in John's zeal to move things along and tell shareholders backfired once those things wound up not happening. Some opinions, including my own, think that the PR "brownout" mostly has to do with John, reminded that past PR failures led to investor frustration chose to not say anything rather than to be accused of sending out fluff PRs. I think you might agree that right now John can't win this round no matter what he does. Yes, some of this is his fault. Again, I don't think that makes him dishonest.
He got stock he didn't deserve? I can't answer that one. Maybe you feel that way because of the way things have played out. I understand your frustration.
I disagree on massive dilution so money can enter his pocket. Getting product to market takes money. I have surmised, even as recently as today that John didn't want his "baby" being tainted by anything that would cause it to whither and as such the only way to keep it from getting tainted was to sell shares to investors. The WSR Report even said there was going to be more dilution (to the tune of 25 million shares/quarter if I remember, but I don't remember how many quarters).
If there was additional shares above what WSR reported, I don't know. But it wouldn't be beyond the realm that expected funding was outstripped by actual funding. John wouldn't be the first CEO to make this mistake. You can try to make the argument that that was because John was lining his pockets, but in my opinion, I don't think that's true.
I think it's more likely given John's record at USSE that he just didn't realize how much money it was going to take or he himself expected (as the WSR report concluded) that cash flow would be obtained from power generation starting in Q2-07 and that would be enough to fund future operations.
I wrote a lot here. It is your option to accept it or not accept it. It is solely my opinion (which will probably be torn apart in the next 5 minutes by the vultures).
But, I'm stickin' to it. Not in attempt to mislead anyone. This is simply my train of thought.
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