This play is all about land value IMO Ureka.  Any success around Mitchell Ranch and this can go - much higher.  It looks like LVL has largely said forget it to proving Mitchell up themselves.  They will wait for others to do it around them while they cherry pick the lower hanging fruit.  I agree with you though, if you saddle the co with $50MM of debt to keep the peddle down, they better know when to exit stage left before the next "crisis" comes calling.  I sure hope they err on land sales vs new equity issue if the LOC doesnt cut it.  All past new issues have been a good ole boys club that isn't very favorable for us little retail guys....

 

zad