With a lot of legacy NOT holders being folks who are sitting on big "losses"with little diversification, I expect some of today's activity reflects people selling bits and pieces of their NOT to redeploy into FWR, BMK et al. Until the market generally attracts new money, which is especially tough if you don't have any, expect some rotation that will cause NOT to drag for a while. If you are in this situation, I believe moves to achieve higher relative value make sense , but do not throw out the baby. Regardless of how good the news seems to be from other camps, NOT is the one that truly dominates the RoF landscape with the various JV's and existing financial and management leverage. The best strategy is still to be very patient unless you are dealing with new money. In that case, there are many serious bargains with far more liquid and less speculative stocks outside of pure exploration plays. Lets hope the broader markets prosper, as that is a singular prerequisite to a better valuation , liquidity and market for NOT.