I think you're valuation of $11.30 is about right considering...

I think you're valuation of $11.30 is about right considering we're in the crisis. $20 in better times but you have to be realistic with current coal prices.

Perhaps the board approved the $7 so that everyone would know that the WHC merger is cancelled and the company is now in play. Sometimes bidders can be put off by court battles, etc.

The indians could come in over the top - maybe Noble would sell out if the bid was high enough. Interesting times.