I'm going to risk getting deleted here by Papa, but just want to weigh in on last week's r/s discussion. Knowing that Tony is a true fiduciary, I seriously doubt that he will run with an extreme option such as a 500 or 1000x r/s. I agree with Ben (I think it was Ben that mentioned) a 20x (or so) r/s. It makes sense (as I'm sure his financial advisers will agree) that with just 460mil o/s, Tony will have plenty of flexibility and the s/p will be at a reasonable (pre-cert) starting point. If the company wants to further reduce the o/s, they can do so later w/retained earnings.