IMO Toad can string fms and it's shareholders along since it...

IMO Toad can string fms and it's shareholders along since it controls the board and the majority vote.  They will make an offer for fms once they are 100% sure the entire project is feasible.  Since the board are toad puppets they won't be seeking alternate transport arrangements, they will simply sit on their fat arses and say there are no other transport options.  Oh, they will do some token 'work' as pathetic justification to look like they're doing something, like progressing BFS or whatever.  We are effectively paying our board to wait for toad to make a decision.  I still believe a TO is forthcoming but when, who knows.  All in my opinion.