To be clear it is a wager on NCM and RC.  "Retired" Brian has consistently shown a lack of wisdom/smarts/operating skill. For eg, to have not taken out any hedges when CU had run up to help with the eventual fixed costs that were quantifiable and known via a vis commitments to RC Dec costs was incredible.   He failed to appreciate that once RC was at production hedges would not be the right answer - just as RIO, FCX ANTO operate given their tremendous resource base.  Even a jr banker could have helped the company and avoided the need to dilute shareholders ....again