It is significant because it expands J.P. Morgan's distribution capability without forcing the company to buy anything. It also allows Fidelity into the new issue game without becoming an underwriter.
People got all upset because they don't like to see people they know getting pushed out, and they don't know the new people coming in, ... But this company has been underperforming for some time. Significant change is needed.
It's a significant amount of stock coming to market. But it's a pretty liquid stock and they've been buying back shares over time. We don't think the impact will be that significant over the long run.