My thinking is that there is little downside. I think the premium is thin which might indicate an upside. On the other hand, ES is represented by GS and Skadden Arps while ECP is represented by Morgan Stanley and Lantham and Watkins which means they are both packing serious heat. I would guess this means they are comfortable with their process and their ability to defend the price. All this means, IMO, is that there should be little downside and possible/but not likely upside.I'm sitting tight for now in hopes that maybe someone else sees good value for a competitive bid. Too bad as I thought there was much more significant upside to this puppy.
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