He might also attempt to use leverage of a pre-privatisation buyback to add to the mix of the argy-bargy. It's generally believed that the Government would be in favour of a larger buyback than Telstra would think commercially legitimate. Trujillo yesterday made it clear enough that capital expenditure would be on the incline for Telstra and free cash flow would, as a result, dwindle. In an ideal world he would not want to be spending the precious cash on capital management programs. He clearly wants to keep his powder dry for when he needs to influence outcomes.