I think you'll find that Nick in his quiet way of acting in his...

I think you'll find that Nick in his quiet way of acting in his shareholders' interest has picked up a pretty good load of iron ore really cheaply. Note that cash outlaid here is minimal. So Nick still has his $10M war chest intact to pick up other stressed assets in the midst of the credit choke.

There seems to be a line of thought here that CAP has been completely paralysed by the BMG issue. I don't mind. It allowed me to buy a lot more very cheaply. I guess time will tell on that opinion.

The BMG will be resolved. It has a deadline which is late May.
All FWIW