Actually your snark about the "thrill" investors must feel at the price fall, and subsequent sentences irritated me, and I missed an important point. Why would HE stock trade at $34? Or only fall to above $30. NEE's actual offer was $30 a share, and that was a "premium price". My answer is that it was a cheap way of buying NEE stock and ASB stock. (Buy "lo" and sell "hi"). As to not immediately falling to $20, which I expected. We shall see. If it stays at $30 I have a theory, my old theory. In a world where a 10 year U.S. Bond has an interest rate of 1.36 percent 5 percent looks good. And it's almost identical to the return on Hawaii real estate. But I also have a wild ass guess. The $30 price would be the required price the state of Hawaii would have to pay to buy the utility and take it public. Given the experience of Puerto Rico and the role it's state run utility played in that disaster, the effect on state bonds would be crazy. But in this instance we have seen crazy prevail