I think there could be a few points to raise a case against "Ace" based on what he puts out there with zero supporting evidence or even rationale. Somehow he has gotten away with it over the years with other companies. I too suspect that he has a coincident short position as well.

The only thing he raises as legitimate points against Schaft is the poor IRR, NPV(8%) and the time to payback on the base case scenario in the +FS. While disapointing, those numbers don't tell the whole story or support his allegations - especially that of fraud. If a fraud would have been commited, I think our NPV would have been higher LoL!

BTW Met, no swears please. Hard to maintain a level field wrt the "6 rules" with everyone if we ignore one of them.