yes but what about option holders who paid for their options....

yes but what about option holders who paid for their options. There'll be plenty of those. They can walk away with a loss; write it off.

Management won't want that: no way.

Clever management will drive the SP into orbit to get a full conversion. Money for grass and they would have to factor in the proceeds in the overall finance plan.

However things can screw up eg. this Federal Environmental Permit thingy, State elections and the like.

Of course you look at the conservative side of things as you should but if things work in our favour everyone will be a winner.

We each have our own little game plan.