If management is confident GXY has the time to go it alone with...

If management is confident GXY has the time to go it alone with SDV, at least for the foreseeable future, turning down the SDV offers was a good move.

It's correct that now is a dreadful time to do deals of this type from GXY's perspective. Don't sell your house during a downturn, unless you absolutely have to in order to survive - and I don't think GXY is in that position.

As I have said before, there is not going to be a dramatic upturn any time soon. We are looking at a gradual recovery over the next 12 to 18 months, I think. I'd previously been much more bullish on this, but I've become more conservative.