Ann: Profit Guidance , page-9

That's true, ndpjai, re NHC, but NHC has $1.23b cash. Take the cash away, and NHC is less of a business than WHC. Given WHC has huge liabilities, and given NHC is in share price dcline, it would be cool if WHC took over NHC in a scrip deal, and used NHC's cash to pay off Maules Creek. You would then have two debt-free businesses. NHC has been sitting on that cash buffer forever, which makes it safe, for sure, but the coal business is rather dormant. As you said, Acland 3 is crucial.