I agree. Interested parties are very much aware of Shaft Creek but CUU shares are of no use to them. If you want control you need EE's paper, and even if you manage that, you're still saddled with the TCK agreement, where the options, in my opinion, aren't all that attractive to serious suitors.

20% back-in: Given what we know about SC and TCK's finances I don't see this one being remotely possible and so I'm inclined to think others may feel the same. Anyone looking for something closer to a 50/50 partnership will need to bring in yet another party.

40% back-in: A tip of the hat to TCK lawyers on this one. Paragraph 9.3 gives them a bonus of 10% control, or, depending on your point of view, takes 10% away from someone else. This will take a lot of faith in the TCK boardroom.

75% back-in: As many have stated, at this price, why would TCK want a 4-year hourglass glaring at them when they can take us out, take their time, and shop around for partners if they want.

So, if you're sitting on a billion or two and want to get into the show at SC, are you going to call Elmer? I'm betting Don Lindsay is taking a lot more calls.

Cheers and GLTA.