RE:When you If anything speaks to the efficacy of this deal it’s the spread between Birchcliff and PPY. As of today it has completely disappeared. In all likelihood it will now widen, but in Birchcliff’s favor. The new fashion of the day is bulking up, but it must be of the “super-sized” variety to make a difference, as witnessed in the Seven Generations and Birchcliff deals. But when the stag comes right into your backyard and actually poses for the shot (I speak to the favorable disposition and location of the ECA assets) it makes one wonder if an angel doesn’t sit on Birchcliff’s shoulder.
P.S. My remarks re PPy are in no way a criticism. Great company, great management!