re: Thanks Joe . . .

You don't go into any business venture, especially one this big with significant investments, without doing some type of pro forma business analysis that resonably estimates revenue and expenses. Sure there is always some risk- but I guarantee that the SEC had done their homework and had resonable estimates on these values that were shared with the AD's. Do you think they expected to lose money? Even though they may not have had a contract locked in, the had resonable expectations of the value of the contract.