I think Royal has to do something sooner than that. How quickly will ELN decide on the shrs they are buying back via the Dutch auction? I suppose Royal could still buy the 'remaining' shrs ELN hasn't repurchased. $14/shr? I hope you are correct. I think the only way it gets there is if another entity comes in in the meantime and bids, say, $12-$12 1/4. Then a bidding war develops; which I doubt. Given all the news that is public, at this time, $14 seems a bit frothy to me.