First we looked at Happ and saw that he was very good at being very average.  And half of life is showing up.

Then Saunders (three parts starting here): and, boy, if pre-2012 Saunders really has left and gone away, then here's to you Mr. Condor.  A nation (Canada) turns its lonely eyes to you.

Finally, a sum-up here.  Whether Z meant to de-value his own asset or not, that's what he had ... whether he kept Saunders or not.  Happ for discounted Saunders is a good return in the context, though we're not seeing much upside.