Considerations against the merger, page-67

horco what would happen if burwill took over AMAL now while 50/50 JV? They have far deeper pockets than TAW... so they could disrupt operations and possibly make us fight them in court.... TAW bleeds with no cash and they end up getting it in a hostile takeover anyway...

there is a million different scenarios, plenty good and plenty bad....

but, i am backing that the pros outweigh the cons, and the man at the helm with the massive holding himself will do the right thing by shareholders....

even peoples adversity to spinco is a little narrow minded i think....sure we may need some more info to assess yet, and i understand names arguement about the unlisted vehicle etc...but, i some holders are forgetting that mark calderwood will own a truckload of that also... people are contemplating he will dud the current TAW shareholders getting rid of that too cheaply....that is illogical considering he will be one of the biggest shareholders of that also.