If Mulac believes he can put his money to work elsewhere and...

If Mulac believes he can put his money to work elsewhere and re-buy in the 4's where he believes a fairer value resides based on market sentiment for FML and his reasons given above, all of which have merit, then that is his strategy. At least he has one when a lot don't.
Lets face it, FML is obviously on the nose given most who post here feel its value is prob around $600-$800 million not $200-$300 million and thats without TI.
They're going to have to make some seriously good decisions with any free operational cash-flow to get this off the floor this year.
This is still a long term buy for me but my time horizon is currently 3 years+, Mulac's is obviously different given his short term outlook.
I kind of share his thoughts re the SP direction i wont be adding to the position until i feel it has turned. I'd rather miss a few points on the way up now.