NewStream Energy Technologies Group Inc (NSGP)

[Cartman 3_16]

Even if we allowed that two years ago the permitting process got underway when Eves and Neary had a casual hypothetical conversation about it over beers, it does not change that the actual, real-world permitting process is not underway, nor can it be WITHOUT A SITE.

More significantly, and to the larger point about the character of management, timelines were presented in a way that indicated things were in forward motion and falling into place without a hitch. According to what they said in December, we should already be three weeks into testing coal for an India "client", in an operational test plant, assembled on a fully permitted site.

We would not be sitting sub-dime and sinking right now if all of that had happened AS THEY SAID IT WOULD. Instead, none of that happened. None of it. And it's clear looking back that they knew it wasn't going to happen, because they knew they hadn't even settled on a site yet.

So sure, the permitting process was "underway" (in Eves' mind). Big deal. It changes nothing that's important, least of all what it appears to reflect about management character.