Dr. Bill I agree with your assessment of Kaplan however in my opinion, he doesnt have any losses to mitigate right now.  He paid about $29mm for Sunshine from the BK estate of Stirling, then turned around and sold 15% of the equity in the mine to a sophisticated insurance company for $115mm, so even after Sunshine burned through perhaps $75mm in the last couple years, Kaplan's original $29mm is still on Sunshine's books in cash.   In my opinion this Sunshine IPO has lots of profit potential on the short side.  I certainly have the temperament to short Sunshine, but since getting caught on the wrong side of that bank short selling ban a few years back I got burnt so bad that I forswore all margin trading in the future.   However, from my study, this Sunshine IPO looks like such a sure thing and I dont see the potential of the gubmit doing a silver miner short selling ban for national security reasons so I may just have to reopen a small margin account to take advantage of the unique profit opportunity in presented to me by Kaplan.  I think of the trade as the Silver Valley hedge, long Galena, short Sunshine.   In my opinion, should I short Sunshine, I will be in very good company.  Certainly, the underwriters will exercise the green shoe so as to have plenty of extra Sunshine shares to short at high prices, plus in my opinion, Kaplans associates (just like Mount kellett/GS ala BAJ), knowing the game full well, will pile on the short side too, since short side profits are a layup when information is assymetric and you are able to sell a pig in a poke at high prices to the unsuspecting.