settlement, page-10

We're coming out of a bear market in commodity stocks that some have called generational for its severity: all down 60% to 90% over the past 2 years. For a company with cash its a golden opportunity to acquire quality assets at fire-sale prices and Intrepid now has a considerable war chest. It's premature to bail with the stock trading at a discount to cash. Why sell a dollar for 90 cents? The key decision point is when Lowe announces an acquisition/partnership. Then some hard numbers can be put around the prospects for this company and a decision made to either hold or move on.