We think the time is right for this trade to play out because we have come to the point where VZW will need to pay out a lot of free cash flow to each of its owners over the next few years. VOD will increasingly appear to generate more free cash flow than it had been as investors begin to see these dividends from VZW. Alternatively, VZ’s free cash flow will appear to decline as it pays out cash from its consolidated position in VZW to VOD. We expect investors to more fully reward VOD for its look through cash flow since it will be receiving this cash regularly from VZW while investors will also come to realize that VZ can’t even afford to pay its corporate dividend when only 55% of the VZW cash flow is counted. It is also possible that VZ realizes its stock is overvalued and tries to use its currency to buy in the VZW it doesn’t own which would be a material positive for our position."