RE:RE:Interesting The fact you are missing is that each is a separate legal entity. While you are correct to state that CGX is a majority owned subsidiary of FEC, CGX's Board (the "brains" of that separate legal entity) is capable of making independent decisions on behalf of CGX. This is why FEC has taken the prudent steps to install related Board members to influence those decisions. And as there is no requirement for JV partners to be 100% independent of each other (as it is usually the case one or more JV partners will have a hand in each other's pocket), CGX and FEC can enter into joint venture agreements with one another. Just the same way that FEC can under an agreement loan money to CGX and call the debt when due.