I thought it was a brain fade. He says he would only look at...

I thought it was a brain fade. He says he would only look at acquisitions [that look like STO minus all its debt] and wouldn't move on acquisitions [that look like OSH], then he moves on OSH.

I wonder if it was Chaney's idea. It reminds me of the near death experience at WES, when they moved on Coles and took on massive debt just before the GFC. Of course that happened after Chaney left WES.

But it looks to me like Chaney saying "stay away from debt" (thus the all scrip bid) and "buy at the bottom" (not at the top, like WES did with Coles). The problem is that I bet Chaney was advising Goyder behind the scenes with Coles and they both thought Coles WAS at the bottom. Coles turned out to be a very long way from the bottom and WES ended up issuing new equity at $12 when the WES sp was over $40 before the "smart" move on Coles, as WES paid far too much and debt froze.

I fervently hope WPL doesn't go to cash for OSH, thinking that oil can't get any lower. That really would be Coles all over again. And looking at our sp, I also bet that the market is worried about the same thing.