the initial position gives PBN leverage and protects TOL from another company attempting a takeover but only to a point.  if another company wants to buy TOl and offers a high price PBN might tender and just make a profit on their investment or they can prevent a full takeover since they own more than 10%.

I don't think PBN will make an offer any time soon and if their capital program goes well in 2013, then maybe late in the year or early in 2014.  PBN needs to get stronger financially before they make any takeovers for cash.

DYODD