Is the last paragraph from an article or is that your spin? If a buy out was in the near future there would be no need for a pp. In 20 years management has done nothing to earn the trust of the marketplace and corporate reorganization won't make any difference. A spin out to another entity seems meaningless. It's the same asset with probably the same management. The only thing that might move the needle is getting rid of ES and putting a well known CEO with a proven track record of selling greenfield operations in his place. No idea who would fit the bill but doubt anyone would be worse.