I still can't see what 1.6 million can do to make a meaningful change to the situation at Eaglehead. Just a drop in the bucket towards what this huge project will need to prove up.

Agreed. I think what happened is someone approached Carmax with money and wanting to but those flow-through shares so the impetus came from outside. Then I guess it was a matter of working it out so that CUU gets the higher percentage Carmax shares.

To make this work it had to be done in 2015 so that's why they didn't wait for the optimization and the presumed increase in share price.

There are more options for CUU coming in 2016 that will be out of the money and, I would assume, be dropped. We'll probably end up in a roughly equivalent position but with 14% more Carmax shares. That's my positive spin, although obviously if this didn't happen we would have avoided further dilution.

Maybe one day the market will turn and Carmax will run up like it's 2011 and we'll make a lot of money then. I always assumed that there was no intention of carrying Carmax all the way through to FS, but finding a JV partner to pay the way—but I don't give it a lot of thought since I assume most of us will not be around given an exit opportunity.