If FNC and CHM Stood together during a CHM buyout, then a few questions: 1) what percentage would they command, 2) what would be an acceptable buyout offer that they'd entertain? I suspect that if FNC and CHM were united a hostile would be on Larsen and Smith's terms. Knowing this the best hostile strategy would be taking FNC first. But I'm sure smith and Larsen know this and would prefer to have CHM buy them out first and I'm sure they are prepared for this possibility. The surest way would be a friendly offer to both companies. Easier still would be to pay for out takes. -——------—-smith wants to hold out for more cash, and he definitely wants to sell with no offense of production. Should a merger between FNC and CHM occur before year is out, then a hostile threat is occurring. Do shareholders have any say in these matters, or is it all up to board? If it's up to board only, then I'm grateful Ganger is around.-----——- the next question we must ask Smith and Larsen is what would be fair deal? 2+billion is loose pasture. Smith has walked Fermont lands since his younger days, so this is personal for him. I think he'll fight hard for a good deal. What ever the number- DIRECT OWNERSHIP to shareholders.----—--—--—---this is a perfect time for a hostile to occur. CHM SP is low and our SP is not relevant. The figure for an offer remains independent of our SP. Their SP counts in a shareswap deal. The lower the chm SP the more shares FNC gets. So I'm sure CHM would be upset if thy had to make an offer now. -----—--—----— conclusion: this is a great time to be in FNC. -sg -—-—--— - Sorry about lack of spacing - phone typing doesn't permit paragraph spaces on Agoracom.