Energy tycoon Charif Souki launched Tellurian Inc. four years ago in an effort to repeat his success at Cheniere Energy Inc., the U.S. LNG pioneer he founded. But lightning has not struck twice.

Tellurian’s LNG plant remains unbuilt years after construction was due to begin. The company’s market capitalization has slid below $500 million from $4 billion since it listed and its fixed assets are worth less than the $220 million Souki is now asking for his Aspen ranch.

The company has dismissed 40% of staff. At its annual meeting on June 10 it won approval to double the number of common stock shares to allow future issuance that would dilute existing owners.

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