If you google 'Bill Murphy & ECU' you would turn up a whole lot of history of the pair. Bill Murphy/GATA are a pain in the a$$ to the boyz, especially Goldman Sachs, so it is not out of the realm of possibility that one of their (GS) tenticles is holding the ECU price down just to tick Bill Murphy off.
A lot of history gives a little bit of understanding why old timers on the board say that the ECU is so ridiculously cheap. Hopefully the next two months will change that a bit.
Cheers.