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Nice post and it proves that LLEG is not involved in the project long term. This is exactly what I've been saying for quite a long time. Thanks for vindicating my previous posts.
The news of the closing has had a huge impact on the PPS. NOT! Laidlaw got their money and is now gone. Good for them but not necessarily good for shareholders.
I have admitted in the past that LLEG got the ball rolling and they are to be commended for that. However, a "real" company (Cate Street Capital) took the ball and scored the touchdown. I don't care what you think, LLEG is no longer involved in the Berlin Station project (IMO).
I don't know if you realize this, but Laidlaw is no longer involved in the Berlin Station project.
For the sake of those stuck with a lot of shares and no market for the stock I hope you are right.
What is the point of discussion Mr. Edwards motives? The project is moving forward. Who cares why somebody was or wasn't in support of it.
I don't think they'll take the money and run. However, if future projects are similar to the Berlin Station project then those future projects may not build any further shareholder value. That is something that investors need to seriously consider.
As I've said before the final payment for Berlin Station will benefit management, not the shareholders (IMO).
Do you really have a choice but to hold? There isn't much of a market for this stock. Could you really sell it even if you wanted to do so? I suspect the answer is "No".
Agreed. At least you and I are on the same page.
Thanks for the information. $5M seems appropriate for what LLEG provided to Cate Street on this project.
Nicely done, but I still don't think Bart will receive any more than $5M in total payments when all is said and done. Just my opinion, of course. Also, this final payment will not result in increased shareholder value in my opinion. There is currently no market for this stock which means that it's value is essentially zero and I'm not convinced it is leaving that level (ever). I sincerely feel bad for anyone who was duped.
I'd be willing to bet dollars to donuts that the next payment is significantly less than $5M. Your estimate of $20M to 70M is way too optimistic. I'm sorry, but Cate Street Capital is not that stupid.
Matt did not give you the whole story. If LLEG goes under it does not matter to the Berlin Station project. Cate Street Capital owns the plant and will be responsible for construction & operation. LLEG is no longer involved in the Berlin Station project but it is my understanding that they will receive some additional funding (amount?) when construction financing closes.
You are entitled to your opinion. I just think you are wrong. By the way, do you still think LLEG will receive a $60M payout if and when construction financing closes for the Berlin Station project?
I respectfully disagree. While the outcome of the company may not be known, the direction of the PPS is clear. This stock is going down and not likely to recover. That is an unfortunate turn, particularly for people who may have purchased shares at the $0.005 level.
I'm from NH and I agree with you 100%.
You seem to know a lot about LLEG operations and how their deal with Cate Street Captial is structured. I have two questions;
1.) How much additional money do you think LLEG will receive upon closing of the construction financing?
2.) What kind of benefit will this revenue provide to LLEG stockholders? Put another way, will it help to stabilize the current PPS decline.
I'd love to hear your expert opinion. For item #1 some here claim in the range of $30M to $60M which I personally think is ridiculous.
LLEG sold their equity interest in Berlin. No way will that LLEG get the property or fixed assets back (no matter what happens). I'm still of the opinion that the project will eventually happen but for anybody on this board to believe (or claim) that a successful Berlin project will be of any major benefit to LLEG stockholders is misplaced optimism in my opinion.
Okay, I'd believe $5M much more than $70M. I believe one poster here used to say $60M but we all know that makes no sense. And, by the way, I am in support of the project (just to set the record straight).
Don't forget, Bartoszek said that he could not guarantee that there would be market makers for this stock. That would be a real bummer for those trying to unload the stock.
Dude, no way that LLEG gets $70M when the deal closes. Where did you come up with that number?
Shouldn't you have said "better than most any other grey or former grey in the market"? Just want to make sure we are clear in which market the stock currently trades.
I hate to break the news to you but PSNH cannot build any new electrical generation facilities without changes to NH State law. Not going to happen in my opinion.
I have three questions for you;
1.) Do you still believe that a drop from the Pink to the Greys will not hurt the PPS? The current downward trend seems to be an indication that the drop to the Grey's is hurting stock value.
2.) Do you still believe that LLEG will receive a $60M cash payment from Cate Street Capital if and when the project recevies final construction financing?
3.) Do you still believe that this drop to the Greys is a very short term problem and that LLEG will very soon be uplised to the OTCBB market?
I'd love to hear your comments as you seem to be a very strong supporter and believer in LLEG and its CEO.
Nicely done. Excellent post.
I'm thinking $1M to $2M but who really knows. And, if LLEG does not dislose the information (upon closing) then none of us will ever know. That is the great thing about Pinks (sarcasm emphasized).
You want to bet? My guess is an additional $1M to $2M (max). We'll see, but only if LLEG ever discloses the amount they receieve from CSC (I wouldn't necessarily hold my breath on that one).
No way that LLEG is getting another $30M from Cate Street Capital.
So I take it that you don't believe there is a $30M payday coming to LLEG for the Berlin project as some have suggested on this board.
You make a good point. However, I think approval by the EFSEC was more dependent upon a long term PPA. Are you sure their approval was dependent upon construction financing being approved/finalized? That does not seem right to mw.
I agree. The statement from Cate Street Capital does not specifically say that there is no longer any long term management contract with LLEG. Hey, maybe I'm wrong. Wouldn't it be nice if LLEG would issue a statment to clear things up?
Check out page 7 of the 6/10/11 Berlin Daily Sun. After another review I have to concede that there is nothing in that statement that precludes a long term management contract with Laidlaw. However, I still stand by my belief that after the next payment to LLEG (upon closing of the construction financing) they will have no further part of the Berlin project. Perhaps LLEG will clear that up as they try to move beyond this SEC issue.
I'm only wrong if Cate Street Capital lied in their press release. I find that hard to believe.
Cate Street Capital issued a statement and clarified LLEG's role. The deal is done and LLEG is not part of the long term picture. I have no reason to lie to you.
It was a statement from Cate Street Capital in last week's Berlin Daily Sun (possibly Thursday or Friday edition). They clarified the exact relationship indicating that LLEG has sold their equity interest in the plant and that the only item still pending between the two entities was a final payment upon closing of the construction financing. It was a clear and concise statement as to the nature of the relationship and I can assure you it is not a long term relationship per their statement.
I was wrong. Apparenly LLEG will receive additional funding upon the closing of the construction financing. So, they are a stakeholder. That being said, they do not have any long term revenue from the project in the form of management fees. Mr. Florida was incorrect in that regard.
LLEG may not go down but stockholders are going to take a bath. Good to see you back Matt. Are you a man of science, or a man of faith?
Proof of of misleading statements by LLEG........
I agree. That statement is ludicrous.