Gentlemen, pardon me if i digress, but I believe this rally is entirely related to the KRO offering. 8MM shares issued at $40 is a clear and sizeable datapoint on which to value pure-play titanium dioxide producers, and will certainly be used if a valuation fight is to ensue in the tronox bankruptcy. I'm sure we all have our own methods of valuing businesses, so I would urge everyone to revisit those numbers in light of the most recent indication of what the market will bear. By my math we have about 20 cents of downside from here valuing the warrants that were offered in the plan and about 25 points of upside if everything were to go our way in a valuation fight. As usual, i suspect somewhere in the middle lies the truth.
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