CW stock dropped sharply the day the magazine article broke, falling nearly $8 to around $25 a share — where the stock has wavered since.

But some have argued that response to the article has been exaggerated. On Dec. 26, CW stock rose 6.14 percent, or $1.51, after investment bank Brean Murray upgraded the stock from "hold" to "buy," saying that negative reaction to the Barron’s article was "overblown."

The VI government and OC-BVI have been battling over ownership of the Baugher’s Bay desalination plant for nearly a decade — after the government declined to buy the plant at the end of the first seven-year contract in the late 90’s, for around $1.5 million.

Glenn Harrigan, chairman of OC-BVI and treasurer of the BVI Investment Club, confirmed that contract discussions are still ongoing, but could not say whether an end was in sight.

The disputed Baughers Bay plant produces around 60 percent of the water consumed in the VI — around 470 million U.S. gallons of water in 2006, according to a CW annual report.

Since 2001, there has been "no permanent arrangement in place," between the parties except a "month-to-month contract," according to US Securities and Exchange Committee filings.

In 2007, the VI government began paying only 40 percent of the price CW was asking for its water, but CW continued to write off the full amount as an account receivable.

With shrinking operating money, CW cautioned that "if the government payments continued to be outstanding, OC-BVI may be required to take action, such as temporarily ceasing to supply water to the ministry."

Meanwhile, Mr. Harrigan said he was unaware of the Barron’s article and was unaware of it having any effect on the negotiations.