Where do you see "several" JVs incurring expenses toward dragon head status?
We know of one in progress, but there is no reason to think that one bears much expense at all.
Further, if it did, why couldn't the expense be incurred with the first $85M in cap ex which carry no dilution, rather than the last $15M that mandates all 100% of dilution?
Again, I'll accept past issuance as a necessary evil, based on projections that did not pan out. And we are seeing the result now, as well as lower eps than would otherwise have obtained.
I simply want assurance that lessons have been learned. Indeed, this does appear to be the case based on the FN application, the bond offering references, a possible hybrid debt equity deal, and further possible business plan changes implied by Nisse before he became a board member.
If this is the case -- that 2013 equity issuance is severely constrained and FN provides new and better share demand -- we should have a very rewarding year. If not: same policies, most likely same results.
