Ann: Response to Terracom's Announcement of an Unsolicited Bid, page-25

Saber it really needs to be all cash or nothing. No UNV holder in their right mind wants a holding in an illiquid company that carries the same coal stigma but without the profits and dividend stream and with an offer way below the intrinsic value of UNV. I agree that based on the various posts here they have no chance of suceeding with the offer and nor should they. Let's allow UNV to operate as a standalone mid tier producer and we reap the rewards for our patience.