Yes, long term play is my feeling as well about FBR. I'm willing to wait it out. I don't know the Pivacs personally, so can't judge what their thinking about FBR. But given its been like 15 years? since inceptions? Surely another 5 years isn't a long time to wait. Ultimately, I believe the Pivacs holds all the cards when it comes to TO. Its just intriguing if it would happen or if it does. 10C SP for 200mil is chump change for say Weinerbeger. I really do hope it doesn't comes to that.
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