Thanks Swizzled.

I thought it was an excellent presentation. One thing I will add is that John Wright said they have $1 billion in available credit and are targeting to have $.5 billion on the books...Not sure how much debt they need to use to finance their capital spending and how much they finance out of cash flow - I should know that. 

I'll bet John Wright would love to buy ARN - that said,,if they were going to do it I would assume they would have done it before the recent annoucement?