Ann: Update on Major Projects, page-23

There will be no raise if ewi can fund the equity needed. The problem is that neither long nor shorts know how deep that well actually is. The shorts have tried to break Elliot and failed. Now the longs are left wondering if he can bridge the gap or if some equity from shareholders is needed.

I say willfully mislead because these people are seriously accomplished engineers - they don't get project timing wrong by accident. The reason they have deliberately mislead the market is to buy time with the banks .... They have been give dates for cashflows that were knowingly wrong by the Managment and that has probably been helpful in getting debt funding over the line at the time loans were made.


Also - on another matter...note the shorts are under pressure here. The U.S. fund manager on the register went from 6% to just under 7% in March. I suspect they are buying this month too and we will find out in 10 days.