If we see a PD withdrawal today, as Leopold seems

If we see a PD withdrawal today, as Leopold seems to be indicating Hladick should do, and an elevating letter is sent to the Corps, the market may interpret it as a wash because the same ominous languafe used in CWA s.404(c) is used in the s.404 (q) action: “will have a substantial and unacceptable impact. . . “ But it is far better for us with the PD gone because the final permitting decision is taken out of the hands of Region 10:and put into the hands of the Assistant Secretary of the Army for Civil Works (ASA (CW) and allows the Corps to issue the permit. The EPA still retains its veto power, but the EPA will then have to decide whether it wants to start all over again with the vetoing procedure in the face of a positive FEIS from the Corps. I think at that point they will just throw in the towel.