Dparge, that is a reasonable possibility if you wanted to roll the dice. I also believe that we have a rock solid arbitration case and have thought about if we would be better waiting. Here is why I think doing the JV is better.

First off no matter how solid our case there is always the chance we lose or don't get back more than the $400-$500 million we have already invested. Before the financing we would have been in the $6 a share range based on 2 billion with the 294.8 million shares. At this point however we have 364.8 million shares and approximately 412 when fully diluted. Add in the shares needed to not only pay off the note holders but fund arbitration our share total would end up closer to 800 million shares. If we would get the whole 2 billion that is only $2.50 a share. If we have to settle for less it becomes even worse.

IMHO we will reach $2.50 a lot quicker by doing the JV deal based on the primary agreement so I would be voting yes on that alone. I also believe that if the JV goes ahead we will eventually see more than $6 a share.

JJ