Very good points Wax and i can muster the patience for 3 more months given how many years i've been waiting to see Smith come through. Fani hit it on the head - he's a great geo, but not a ceo.

The only point i disagree on is the notion of spinning out the assets. While i see this can seem logical and attractive, in my experience i have seen it as a way for co's to reward themselves with loads of options and the banks with the same deal. In the end it can hurt retail if it's not executed properly and fairly. Quite frankly, i don't trust Smith to pull something off like that. He did privatize Magpie and that even makes me nervous because as soon as the new co. starts financing, it dilutes our interests.

Also, would love to have seen Smith buy out Sheridan's interest for the Fermont property. Now that would have been savvy!!

GLA. Let's hope July brings some good fortune for FNC. I really do want it to work out with Smith. And your exactly right that if we hit at McFauld's, then this will all be water under the bridge!!

Take care,

Eudai