rebuilt their total working capital this quarter. Distribution would have been .46 otherwise.
write down of goodwill for Pasadena is already reflected with remaining 27 million non cash charge. Illinois operation is kicking #$%$ and nat gas locked in so margins are locked for nice earnings there.
Look, the story with this company is simple. East Dubuque is a nice property. It had some unforeseen physical issues but it is basically a solid asset. The CEO of this company used the cashflow from East Dubuque for years to fund his follies at RTK. RTK lost millions on all sorts of projects that got started by never went anywhere. He then had the "bug" to get bigger and do an acquisition.
Pasadena has been a disaster literally from the day they bought it. It has none of the attributes of East Dubuque. Second to BoA's acquisition of Countrywide, this is the worse acquisition I have ever witnessed and it falls at the feet of the CEO; he couldn't leave well enough alone.