I believe the first big screw up for allied was in 2012. They took on over $500m in debt to build a giant mill and didn’t get it built. I supported two Due Dilligence investigations for majors. One in 2012, one in 2015. In 2012 our conclusion was their flow sheet was flawed and their capital was underestimated by $1b. In 2015 the consensus was the new flow sheet and capital was within reason but the debt was too high.