Being an accountant I am curious how Teck handles the transfer of Laird shares to CUU. S 69 of ITA requires transfers be made at FMV. Teck will have capital gain. From CUU perspective, the FMV of Laird shares will reduce the resource expenditures/deductions. Then in 120 days, Teck exercises its earn-in election but doesnt obtain 75% interest and Laird shares back until it fulfills all conditions. OMG, glad I am not either companies' tax accountant. Big dollars and alot of maybes.