CWCO lost ownership of a water plant. The plant was given to BVI. BVI will have to make CWCO whole on service Ocean-BVI provided, but was not paid. So accrued accounts receivables will become liquid and a significant equity stake has vaporized.

Also, Biwater and Ocean-BVI are competing on a 25-year service contract for the same Baugher's Bay plant. If Biwater wins CWCO takes another hit. Stock decline leads you to think which way the market is betting.