entitlements

I have posted a few times that I would be picking up my U entitlemts, but at this stage I have almost changed my mind.
For a start, the entitlements dont really give any advantage or incentive to buy for GDN holders, just an opportunity to buy a month earlier than the IPO.
No discount or options, so why buy?
Why not wait till close to the IPO to see where GDN's Sp is and guage the potential from that?GDN management must be confident that it will be a "sellout" and that everyone will be scrambling to get in early,but IMO that aint gunna happen.
GDN's own management have a poor record, and have alienated (if we can believe HC posters) a lot of investors (of course new investors may not know this.."a new one born every minute".)
White Canyon managment is the same team, even the secretary (They are all picking up 2 pay packets!!)
The addition of Mike Shumway to the team is welcome, but is he not a director.
I cant believe this new team will all of a sudden become user friendly with frequent, accurate and honest updates to the market.
The size of the resource is small accoding to the historical data, only 1.9mlb which equates to around $176mill gross earnings (current U spot price is $93/lb.)
There is no estimation of earnings in the prospectus, unless I missed it.
Take off costs for infrastructure, mining costs,transport,taxes,GDN's 25% etc.
(Can anybody estimate this??)
I cant see that there is great earnings potential in WCU.
Murphys Law now decrees that that the new company will open at $1 and soar skywards lol