Brett, A private company owned by a public company during it's operating turn (which must have got there during a stock round), must be closed after the revenue step and before the purchase trains step. This is irrespective of whether a 5E/4M has been bought. Thus at the end of any OR, there can be no privates left in the public companies. During the final exchange round, which occurs at the end of the OR during which the first 5E/4M was bought, all remaining privates in player's hands are closed or exchanged. Those which are exchanged for a share are then immediately closed. Therefore, at the end of the FER there are no privates left in the game. Ian D |