bob,

It is my understanding that SRPs apply not only to direct buyouts but also partial ones, i.e., JVs. I suspect DW realizes the need for a partnership with a more senior (spell that better capitalized) company in order to get the mine complex funded in this unique era when perfectly qualified borrowers can't even get a mortgage. I simply do not believe Webb is ready to sell out. The fact that he at least agreed to the rescision of the SRP, if not took an active part in promoting it, for me indicates they are close to a JV form of equity transfer.

Strike