nice move, page-32

A combination of speculation and logical deduction.

If the SP capping was by PALA to buy more we'd know either by form 604's or monthly top 20's. So it's not capping it's real selling.....why? Who can say, but add the departure of Barton and I see smoke. PALA recently going through a significant portfolio reshuffle - PEN too? Perhaps. Wouldn't PALA want the SP to go much higher on SML ann if they wanted to stay on board - of course. They didn't, so they don't want to stay.

I don't believe Gus and team will sit on their hands waiting for better days to get us to production. Current spot price economics aside, there's a lot of other strategic benefit from being a producer by 2015 than a "near term producer" waiting for dance partners.

I believe they will do a deal to make it happen; suitable price escalators in place to cover future moves. A L/T contract has to be fair to either party - makes sense right.

Once that's there the debt funding will be no more than a formality. The loan party would have no leverage to U prices so they don't care; only care about the capability to repay the loan + interest.

Now's the time to hold your stake in my view.