I don't mind the 4th quarter timeframe, as there is very little chance that they could have gotten it closed by Sept 30 -- we can't even have the vote until early September. But as you mentioned, the elections may provide a little pressure to get it done "sooner rather than later." Ugh.

What kind of made me a little nauseated was the new fully diluted number, I mean I knew it had to be but didn't want to think about it until it was official.

If we let China Railway buy 19.9% we will be at 600M shares by the time we hit production. Hopefully, we get a better price on that sale since it will be after the deal is completed.

Nonetheless, that cuts a dollar off my target price of $6 when we hit production based on recent takeover valuations since I was using 500M shares, although we still have other potential upside that we will understand better when we see the full JV agreement.