I find this statement very troubling in today's financing environment. :-

.......... "None have the cash and if they can't raise it they will have to walk away as can't complete 1st years commitment."

Not sure you're right. Before I entered into any partnership, I had my accountant take as long as it took, for him to squeeze the numbers. If it didn't make sense to him, it didn't make sense to me.

If you are right, and some, if not all (you did say " None have the cash ....) of these J/V's don't come to fruition, it would seem that RN is blowing smoke somewhere. I doubt that very much.

Seem to recall the last J/V was with a private corporation, and who knows how much moulah they have. Come on Poly, did you really do your DD on this ?.

If I have misunderstood your statement, I apologize and would appreciate clarification. In the meantime, sure hope you're wrong.