RE:Do the math on CVW and you get $20-$25 per share !I have slightly different numbers. I was working off implied PE that incorporated estimated SG&A cost (shocker not particularly high to run a Royalty Trust) and a 26% corporate tax rate. Regardless my numbers aren't materially different. The two biggest question marks are getting a green light and the amount of potential dilution. I think the green light is coming although timing will be fuzzy until we actually get an announcement. As for the dilution, if they go the royalty route I would expect a low capital requirement. However, they are several years from cash flowing so some amount of cash will be required. Possibly could come from alternative "left field" cleantech royalty deal or more likely some minor dilution. With all that said, I wholeheartedly agree with your conclusion. Have a good day!