Do you think the $ 4 range is correct with the 5% common stock portion of the Chapter 11 bankruptcy numbers? The $ 1.50 amount charlieknowitall gave in Dec, was very wrong; but my calculations indicate that $ 3.00 - $3.25 might be in line. Any thoughts?
There are stevia products with lemon/lime flavoring that eliminate any bitterness. Stevia + lemon in Coca Cola would be great. Splenda really tastes horrible. Ocean Spray and other juice products have used Splenda for their light versions, and it really sucks.
I am more than familiar with the GE PRISM claims presented to Congress. I have attended public American Nuclear Society national and DC/MD ANS local meetings where GE has presented such claims and hype. As a federal agency nuke, I have read the detailed GE reports.
GE PRISM uses depleted uranium "tails" in the converter blanket region U238 into Pu, and reprocessed Pu/U fuel in the core breeder region. GE claims of 900+ years of fissile materials comes from their assumption that the PUREX process (plutonium separated from the uranium) will be possible. PUREX has been prohibited for many years by Presidential edicts PDD-13 in order to reduce weapons proliferation. Unless the President and Congress agree to use PUREX as part of the recycling process, we will be stuck with mixed oxide (Pu and U) fuel, where only fission products are removed, and will still need to be placed in an ultimate repository. FYI, the British and French use their PUREX processes now.
Spent Navy fuel cannot be handled at a commercial site, with its high U content, high fission product level, and much less plutonium to recycle and reuse. Naval fuel operates for 20+ years now so it has much more FP content, will not be recycled and must be put in a YM-like repository.
SILEX can be tuned to separate fission products, Pu and U isotopes so its commercial use is highly restricted and tightly regulated. GE will use SILEX at NC facility, Portsmouth or Paducah, where depleted U tails can be enriched up to the 5% limit for BWR and PWR fuel. SILEX equipment is best used and optimized for tails enrichment. Using gaseous diffusion and centrifuges less efficient. USU could handle natural uranium enrichment with centrifuges, generate depleted "tails" that can be handled by SILEX. SILEX and centrifuge technology go together hand-in-hand.
Here endeth the nuclear fuel cycle lesson...
I hate to pop your bubble of enthusiasm.but, the PRISM technology will not solve the YM problem for 2 main reasons: 1. We still need YM to handle the fission products removed from the recycling process, and that could be vitrified and put into a repository, and 2. The Navy's reactor core spent fuel needs to be permanently stored and it is more than half of the current YM repository volume. Another issue is that the SILEX technology only meets some of the enrichment needs. We will still need the USU or other advance centrifuge technologies, since the SILEX technology cannot handle the HEU required for the Navy's 30 year core fuel....the rest is classified information! Please see the DOE Blue Ribbon Panel report on YM that came out in 2012 for the details about what needs to be done for spent fuel storage and fission product disposition---but notice I didn't call it "nuclear waste" --there is too much usable fissionable material in "nuclear waste" to waste it!!
So USU will still have a place in the "front end" of the nuclear fuel cycle. If we can ever really have a "cycle" that includes reprocessing/recycling technology, then we can build only 1 Yucca Mountain/repository to handle the Navy's spent fuel and the fission product waste. The fission products are "waste" since they have the cesium, radium, iodines, etc. that make things very toxic====can you tell I am a nuclear engineer, with too much detailed info....
The GE PRISM reactor design is NOT new, or a Gen IV concept! PRISM was developed in the 1980's as a breeder reactor design, with a breeding (Plutonium) ratio greater than 1. It is an update of the GE sodium submarine reactor designed for Admiral Rickover and deployed in the early fleet. The PRISM design also used the Argonne National Lab's IFR metallic fast reactor fuel, vs. the ceramic mixed-oxide fuel. Nothing new or great.
They are just using a two nuclear core, 2 reactor at a single site....yada yada.
The design can be tuned to have a breeding ratio of less than 1 to consume plutonium--not a new concept. But by a single core reload, and blanket fuel change, it can become a plutonium breeder again.
Nothing new or innovative .....
The USU stock is popping today because USEC has met all of the Dec. 31 milestones and DOE may be announcing this and that the DOE cost share grant will be made.
So why would D buy FE??? They would be nuts. There are better utilities for D to buy that would fit better with their energy mix and distribution needs....aep, NEE, XEL.....
Sentiment: Strong Sell
Why would anyone buy such a poor utility -- bad management, dividend cut a necessity and operations are poor. Maybe Wells Fargo is just helping the hype for the shorts.
Can't be serious about FE buyout! The management is terrible, nuclear operations history abysmal--just buzz to get the shorts going. I wouldn't touch it even if it goes up $5!!
Sentiment: Strong Sell
WHAT equity would there be for bondholders for "buildings at Paducah and Portsmith"??!!! The USEC company LEASED and operated the DOE-owned buildings, equipment and land. USEC does not own the uranium it enriches!! It merely provided a service, enrichment, SWUs for taking natural uranium and enriching it, for a FEE. The tails (depleted) uranium and any uranium inventory belongs to the US government!!! The only "thing" that USEC "owns" now is the right to administer and manage the TENEX agreement with the Russians where US depleted uranium is shipped to Russia, down blended in Russia, and "bought" back in the US by fuel vendors. So USEC is just a "service" company and does not have any tangible assets. The buildings, equipment etc. can be leased to OTHER companies, for example, Global Enrichment (General Electric SILEX), and that is why GE Global/Silex made a move to get the Paducah site.
Even the Centrifuges at the demonstration unit belong to DOE, since they revert to DOE ownership under the bankruptcy! The DOE could pay USEC to do the clean up of the Paducah site, but why would they? They already made arrangements for another company to do this -- AREVA-NP.
USEC is doomed.
No, there will be one STOCK USUQ q at the end (or is it the beginning) indicating USEC is in Chapter 11. If you own the stock now (long!!), then the 5% of the new USU will be prorated by # shares you own / Total number of shares----essentially pennies. But if there were no Chapter 11 umbrella the stock would be worthless!
The BOND HOLDERs will get 79% of the USECs total worth, and are the current bond owners that have debt bonds that would have to be repaid by Oct 2014, if there was no bankruptcy process. They would get new BONDS that become payable in full 5 years after Oct 2014, but they are getting 79% of the lesser "worth" of $ 200 M bonds vs. 79% of $ 540M so they are getting 37 cents per 1 dollar the old bonds. Not great, but better than the poor stockholders. The remaining 16% percent goes to Toshiba and B&W and big players who put cash up for the Centrifuge process, for a total of $ 32 M, which is significantly less than what they put into the ACP!! But it is not zero, so they are happier.
Unfortunately the average stock holders get screwed, and you cannot go out an buy "old" bonds and use it for an arbitrage.