TAS/EDE relative values, page-421

It gets down to the fact that none of us know what really is the reason for Noble being there and what the future intentions are. You are happy. I am cautious and suspicious. You rate it as low cost to TAS shareholders. I rate it as a possible drag on returns to TAS shareholders. You are not concerned of the relationship. I am. You trust the directors 100%. I don't say I distrust them but I do not place 100% trust in any company director, particularly when the board is so small and the company is part of a complicated web. I have seen so many times where one company uses another as a cash cow.

You will not change your opinion. I see no reason to change mine. While the story that TAS is worth much more than EDE SP wise keeps being promoted I feel it necessary to explain why I believe differently. GS is in a position to detail future plans, a budget for management and directors fees, a profit distribution plan for EDE. It is not reasonable to expect this so I will make my assumptions and you make yours. In the meantime I will relative value trade the two.