Vette is trying to say that aside from staffing issues if you peer under the hood there's only 1 smoking gun. Nothing else sticks out. Aside from a delay what else is affected immediatly? The clock yes but that is not an issue because they can back in. So with the pressure off and no Liard shares being transferred there's no potential loss of control and no pressure to earn back in. This puts us into 2013 if they let it ride to the last minute.

There are people like Jason who think no one will step on Teck's toes before the FS or even after it. I don't think that is true. The Coldelco link I put up shows just what can go down. Don't forget the bed partners we already have. Royal Gold and Xtrata. They have an interest too. Nothing prevents them from offering to Teck a JV and just taking us out.

Wiki:

Carried interest or carry, in finance, specifically in alternative investments (i.e., private equity and hedge funds), is a share of the profits of an investment or investment fund that is paid to the investment manager in excess of the amount that the manager contributes to the partnership.

In private equity, in order to receive carried interest, the manager must first return all capital contributed by the investors, (In our case it is the value of the land at the time of signing. If we get all the private shares this issue is settled) and, in certain cases, the fund must also return a previously agreed-upon rate of return (the "hurdle rate" or "preferred return") to investors. Private equity funds only distribute carried interest to the manager upon successfully exiting an investment, which may take years. The customary hurdle rate in private equity is 7-8% per annum. (We don't know if there is a preferred return)

In a hedge fund environment, carried interest is usually referred to as a "performance fee". Hedge funds, because they invest in liquid investments, often are able to pay carried interest annually, if the fund has generated a profit for its investors.

The manager's carried-interest allocation will vary depending upon the type of investment fund and the demand for the fund from investors. In private equity, the standard carried-interest allocation historically has been 20% for funds making buyout and venture investments. (Stifel or another packer)