My thinking is the overpay for Tropicana was a lot about this...

My thinking is the overpay for Tropicana was a lot about this hedge. The more and more you can make the unprofitable hedge a smaller percent of your sales, the better. Actually, is the hedge unprofitable. I would assume the hedge covered debt (not at a loss) to provide assurity to Macquarie. What is odd, is these hedges always seem to turn out very bad. I am surprised companies do not do rolling hedges. That is, a little bit here and there on an ongoing basis. For example, now would seem a good time to hedge a small % of production. Sort of an offensive move, not a bank induced defensive move.