Trout, Yes, I remember when JP mentioned that, a while ago - but, I distrust him as a person, predicated on his historical slinky-coil truth-stretching on various company matters.
I should hope that our self-congratulatory BoD would - at the very least - be exploring other financing options, like a bank loan, that would allow SML to retain 100% of LC, before even considering a JV that would dilute our interests.