In the hearings in D.C., Mr. Bloch made two important points on what the arbitrators thought was important when creating a list.

"The first, of course, is to create a list that recognizes the prevailing equities of the new relationship, some points on that, just a small digression. Numerous witnesses have alluded to the fact that this is a conglomeration of equals. You differ as to how equal, but I think Dr.Campbell was essentially correct in speaking of this being a merger and not some sort of an acquisition. I don't hear any serious argument from either side that one company is the savior of the other in this. And secondly, there is no doubt that you -- and I know that we -- will not cure the inequities, real or perceived, of the past, nor can we isolate or insulate anyone against the vagaries of the future. Talk about career expectations in this industry is a little like dreaming about income expectations and investment opportunities at a roulette table."

So, what's a current prevailing equity? Because it appears that prevailing equities brought to the merger will dominate the decision. Not future expectations or perceived inequities of the past.

If you edited some of the muttering and digression his statement boils down to this.

The first, of course, is to create a list that recognizes the prevailing equities of the new relationship. And secondly we will not cure the inequities, real or perceived, of the past, nor can we isolate or insulate anyone against the vagaries of the future. Talk about career expectations in this industry is a little like dreaming about income expectations and investment opportunities at a roulette table.