RE:Politics Undervalue: I think you are wrong. I get it. You know all the numbers. You got the $305 per square foot for the land sale price. That's pretty high. IF land is 30% of the cost, you need to put up something that is about $1,000 per square foot builable and saleable square feet.
You biggest risk is that they King George Financial you. I told you KGF screwed you. I told you they would screw you. I told you they were screwing you on the Condo developements with the land they held. We got almost ZERO profit out of those nice parcels. I left the stock. You staid. You said you knew the MP dude who was on the BOD and he was your "protection" from getting screwed. He got out before you did.
The biggest risk here is that the majority owners who are on and Control the BOD screw the minority shareholders at every little twist and turn. I call it death by 100 cuts.
Why else do they form these JV's with and between the majority shareholders and the Public Co. It's to advantage them and disadvantage the Public Co. JV partner. They use the Public Co. capital to help finance the JV deals but you don't share in the profits porportional to your risk. They take JV managment fees, profit participation fees, whatever you want to call it.
You got screwed at Highland Gate with TWC and you don' t even know it!! It's the JV accounting under IFRS that allows for them to get away with it. THere is not enough disclosure to prove that they are being honest, and you don't know that they are not until it's over and you say...............where is the Public Co. share of the CASH!!!! KGF, TWC, MPC all in JV's with IFRS.
You ask these people at Madison, tell them you want to look at the JV agreements and the JV accounting at your MIssion properties............see how far you get with them on this. YOur the shareholder, it's your right to look at and inspect the books for a proper business purpose.
The minimal disclosure by the company for a material asset and material events is absolute GARBAGE!!