"The company being deep in the hole--they fully admit that in their SEC filings."
That is just a false statement, just what I'm talking about. Can you back it up? Where do they exactly admit that? Please copy/paste that "fully admission" and post the link.
Also: "5% of 5%"?? Your math is kind of twisted.
JV 1) CPOW gets 5% of 100%.
JV 2) CPOW gets 30-40% of 100%.
Those are the facts.
I will speculate they will get 100% of the livestock feed since that does not enters on the JV scope, but is inevitably produced as a byproduct.