well that explains it, page-8

Well I guess looking at it as "uncertainty removed" is reasonable. I'm just annoyed that my producer is being cut up into smaller bits and in return I will own bits of non-producers. A gold mine is no good to me if the gold is just going to sit in the ground and/or they bring in partners to get it out thus leaving me with an even smaller crumb.

I also "like" how negotiations about the merger structure are still continuing - for heavens sake - it's all the same people on each board. Before Michael Kiernan steps down, does he have a conversation with himself: "Hi Mike, as a representative of MZI, I think this would be fair for my shareholders", "Well Mike, s a representative of SRE, this would be fairer". "No Mike, that would screw my shareholders over". "Oh come on Mike, you know that as a combined entity, SRE win all the way and you'll be part of that...."