Hotfire, good reading on the $90M lease obligation cost (pg. 47,...

Hotfire, good reading on the $90M lease obligation cost (pg. 47, right column of Demerger Scheme Booklet). And correct evaluation, IMO, of TXN's abysmal mgt of lease obligations.

As for the 2 Talon for 5 TXN shares, I think this is just a straight swap arrangement -- a form of reverse split. Talon's initial assets would be worth considerably less than TXN, so there is a risk that it would be a low penny stock with a 1-for-1 swap. A 2-for-5 swap would give Talon a higher share price.

e.g., if the market valued Talon at 10 cents on a 1-for-1 swap, then the shares would be around 25 cents in a 2-for-5 swap. Personally, I would have gone for a 1-for-5 swap just to be safe, but maybe the swap is based on valuation of current assets outside EF.

Did you folks notice the disconnect between SEA and TXN share prices on Tuesday? Might just be inefficient market dynamics, but this deviation from 2:1 is more than I recall earlier. Could this be the birth of valuation of TXN2 (i.e. Talon) in the TXN shares?