it's not over yet, page-4

Trouble is - you can read absolutely nothing into perceived "management confidence" regarding the iPo.

A CEO simply can't show anything less than absolute confidence with all stakeholders when talking about a capital markets deal. To do otherwise would mean that the deal would have no chance whatsoever......because selling a capital markets deal is a confidence game.

Therefore - this is one area where I hold nothing against Pete smith for talking up the prospects of success. To have done otherwise would have been suicide.

But we are in a situation where the deal is running at least two trading days late.......and the prospects for pricing in the range must be very slim indeed.