RE: Spyglass junkhells, pbn bnp and others are operating with a net income for the last four years... their general/admin/selling is about 10% of revenues.... pce has lost 200 millions dollars in the last 4 years...yet accumulated more debt and paid no dividends....chx slate is no better.... both companies are running at 20% or more of their revenue to pay for admin/sales/general...... having high debts is not always a downer but having high debts, a negative income, and paying wages to run a business that is twice the average of those same companies you mentioned is not a good deal... this potential merger with a proven management that is business oriented and invested in the company ( package should reflect company growth) is going to be the way of the future...not quite the same with the arrangements with pce and chx managements..