RE: RE: RE: RE: RE: What is the purpose of their s Koufax,
I'm not arguing whether the investment was a good move or not.
What I am arguing are your statements:
"The problem is that it is highly illiquid. Who wants to buy a 15% stake in a marginal producer in a politically difficult jurisdiction? They would sell if they could, I suspect, but they are most likely locked in unless they are willing to sell for pennies on the dollar."
I think that is ludicrous.
You then go on to say;
"Well, I wouldn't say that it is ludicrous. How else to you explain the dilution that occurred early in 2012, when the VGM shares were triple what they are today?"
How else do I explain as if that's the only reason? I can think of many other reasons why the flow-through happened.
You leap to the major assumption that due to illiquidity, dilution ocurred in early 2012. So now you are saying that it is illiquid now and illiquid a year ago? Really?
As for the investment itself, time will tell.
But don't suggest that they cannot sell VGM unless "they accept pennies on the dollar."
As discussed, there are other majors interested in VGM.
It would not surprise anyone if sometime in the near future, a news release was issued saying that CZN has divested itself of VGM.