Your explanation is great and all for why Teck would delay things, no problem. It makes no sense for why CUU would allow it.

I agree that Teck is the natural purchaser of the rest of the lands, it would be easiest to do a transaction with them etc. but really it doesn't matter who we sell it to. Why not force 120 days on them to backin - and if Teck is worried about us being bid on that forces them to act faster...how does that hurt us, CUU?

First of all, given the market conditions - I don't think there would be a bidding war - there's too many fire sales going on and M&A activity is going lower, not higher. There really shouldn't be that worry for Teck - but even if there was, how is that our worry, as CUU? We want the highest price so why would be worried about forcing something sooner (enforcing 120 days) and it potentially causing a higher price (either through forcing Teck to pay higher now or by a bidding war)?

I can't see any downsides. Even worst case scenario, a NR saying Teck has elected its X option and offered Y for the rest and then management does not think we should take this offer (doesn't matter, EE can say no and its moot what we think) but the price will move up to at least Y, if not higher than Y now.