Would remove the upside from the phase 3 run up and any potential approval. But would get us 10 a share (plus any short covering if not announced with a firm take out price, or if leaked by an "official" source). So you give up the 20's, 30's, etc., but you get 10-15. Kovner then takes the difference. If you notice, all the major purchases started in the last 12 months, as we get closer to moving out of phase 2 and into phase 3.