I have to believe that the Aurizon deal is dead, and HL just got a free out via MAC clause. The shareholder meeting is scheduled for May 9. It likely will be postponed next week as the lawyers try to figure out how to kill or restructure. IMO, there is no way the the BoD of HL could continue to recommend the transaction under its announced terms. My guess is that the two sides simply walk away. Risk arbs who were long AZK will have just had one of their worst days EVER. The 5.875% Notes issued last month by HL will be redeemed with escrowed proceeds. Finally: by mid-May, we are back to stand alone HL with $23 silver and $1400 gold.