Thanks, Kelsee. I will read.

The term "backdoor" is my term. It's my way of thinking about the convoluted legal language. I am not minimizing the impact of the 33% clause, but for me it's a "micro" view and I am interested in the "macro" view.

If I was to try and calculate possible percentages for the JV partners on a possible kazillion dollar motherlode, I would personally go "wacko". Anyone interested in doing this, please be my guest. :)

I take comfort in the fact that I have personally met Nemis and Novak (and have chatted a number of times with Neil) and believe them to be honorable men. They leave the "legal stuff" to their lawyers; I'm going to do the same.

Snug