Peter,

We know that he could not say too much without stepping over the line, but the response seems to be quite reasonable and polite enough, as you said.

Interesting comments in PS... and PSS. May be one of us should call BMO which may want to make peace with disgrunted geese that laid golden eggs for them (they are making $B using our money) and disclose what they have been doing with the wts. Golden geese have good memories and it would be easy enough to walk over to the other banks. Just look at the RBC example.

Even though the SP is now at $1.59 (6.5% below the magic level of 1.70) with big POG drop today there may be a chance that the SP may not be able to recover back to this magic level for all wts to be exercised. For the sake of argument, let's assumed a bit over 20% of some 11M wts has been exercised raking in ~$4M from the exercised wts and ~$15M not available to PRB treasury.

Question: Does PRB need this extra ~15M to do what it wants to do for the next year or so, before additional financing is required?

My tea leaf reading says "not really" since with the $4M from the exercised wts PRB will have just under $40M (confirmation needed?, which is good enough.

Of course, the situation may change drastically next week if POG goes ballistic.

Just my speculation. Comments?

goldhunter