LT,

Your example/explanation on tax implications for investor X is quite nicely put.

As you have indicated, investor X effectively gets $1.16/share after the tax breaks. But this is not at the expense of PRB old stockholders, since the cost for the reduced price would be "borned by the government" which would promptly pass it on to other tax payers. This is not the end of the tax break saga, since investor X would have to put back some to "the system" when the time comes for them to liquidate the shares, in terms of cap gains, etc...

Nothing is for free and the tax people are clever folks who will get the loot from investor X back, one way or the other, on behalf of (?) other tax payers. Money goes 'round in a circle. Or, putting it (optimistically) from of laws of nature perspective, it's the "Conservation of Wealth" (= robbing Peter to pay Paul).

Regarless of all this, a good bet would be that PRB SP will head up to the $2 level...and I'm betting my shares on that.

goldhunter