I think most of the differences between OPTI and CLL have been discussed ad nauseum on this board (and the two situations are dramtically different) - but there is one key difference that has not been discussed. OPTI shareholders sat back and watched the Management drive the company to the brink (and over) - they did not have and activist shareholder group. CLL may have been on that path, but WFC , Audley, and many others stepped in to ensure that does not happen here.

I've said it before and I'll say it again. This company is sold. The details need to be sorted - and quite frankly I think the poster that suggested that the US property is complicating the sale probably nailed it. I'd have liked it to have happened already - want it out of the way before the next crisis hits and that could be any day. But - read up on Boland, the guy has icewater in his veins so they he is in no hurry.

CLL and Stelco are different industries but have strikingly similar circumstances (except that Stelco actually went into protection before WFC bought it, whereas with CLL they didn't wait for that). Otherwise you have a highly leveraged company with a series of misses that the market hates. Both companies produced something for which global demand was increasing faster than suppply. And all it took was some people wit money to realize it. My guess is that WFC was probably waiting to see whether CLL could stay solvent, and very possibly was involved in the fall 2011 manipulation. When it became clear that oil prices would not drop low enough to push them over the edge, WFC stepped in and started buying heavily (as did many). The upside of the deal being delayed is that for every day they wait AND the crisis doesn;t hit, the deal is probably worth more.

When a deal gets announced - there will be many individual investors who wish they had bought more. I will not be one of them. Learned my lesson before on that.

Off Topic - Think about the Greek debt crisis. The creditors that have exposure are, for the most part, huge entities with all kinds of money invested all over Europe and the world. If they refuse to take a loss on their (relatively) small investments in Greece, they stand to lose several times that much when the markets tank. In fact, if they leave room for some doubt early, the world markets would drop, allowing them to buy heavily before they announce they are in and reaping gains on their overall portfolio when the markets rise. And of course, that is exactly what they did.