what a pile of schist, page-13

GPASAS,
Enough of 'playing the man'. Lets get back to the substance of PSH's issues.

It is the substance which will determine PSH's future price which would be the focus of most people reading this forum. Lets get into this;

Clearly you have a more optimistic view of PSH's future than I do. I have been explicit in my opinion that this company will never pay another dividend.

You understand PSH's debt position and the importance of reducing gearing. Could you provide the counter view of;

a)What level of gearing should be comfortable for a company such as this as a fraction of its market cap? (I would have thought a max of 1/1).
b)Given cash flows of recent years, before they went cash flow negative how many years would it take to delever?
c)What is your guesss of when PSH would be able to pay a div?
d) For a heavy chemical plant handling corrosive liquid and solids what do you think is the appropriate % of replacement value to spend on maintenance? (I would guess at 4% on $3,000,000,000m of plant that would be $120m a year, about PSH's entire revenue).

Are you prepared to debate substance?

Bacci