This is an honest, realistic assesment. Ideally, PRB mgmt should announce a start date to drill on MW. This will reassure both shareholders and The Street.

As for NOT paying a share price of $20.00 - try $3-4 tops - they would argue that PRB shareholders are getting a significant premium and the value of MW is totally unproven - and they'd tech. be right --that is why PRB will go it alone, for now.