From a rather petty and small-minded perspective, I would like...

From a rather petty and small-minded perspective, I would like to see a simple placement direct to new instos with no RI. This would dilute BMM and AF and would also demonstrate that the Board is not beholden to two of the five seats at the table. It would also be somewhat of a karmic lesson to BMM who had every opportunity to support the company via CN rollover or conversion, but chose not to. A slightly different karmic lesson for AF, which is hopefully obvious enough.

I too was quite surprised at the timing right before Christmas. Does make me wonder whether there has been an unsolicited approach of some capital looking for a home. Or it might be PH's and DL's way of forcefully dealing with the near-term CR elephant in room, to provide some clearer air into the new year and beyond -- leveraging off an improving spot NP and also the sizzle of what lies beneath..