Energy joint ventures often are formed by financially strong shareholder groups. When occurs, the preferred financing strategy is for each shareholder to provide “its own share” of venture financing. This strategy allows each company to raise money using its lowest cost options, and to provide those funds to the venture in an efficient, tax-effective fashion. Such shareholder funding strategies thus offer cost advantages over having the venture raise its own financing. At times, however, other reasons suggest that venture self-funding may be advisable. Kemica Pty. offers one such possibility. It is an underperformer of long standing; it also has serious labor issues and a somewhat complacent management. Should FlaglerMissol and its partner surrender the benefits of shareholder fund by “leveraging Kemica” with 3rd party funding?