Not sure why you are having so much trouble with this.

The market price would dictate, if the buyout were to occur on the open market with a passel of different investors trying to eke out a few cents per share.

No buyout of CUU will be conducted on the open market.

Approximately 70% of the shares are closely held, with over 50% held by a single owner.

You really think that Ernesto will take the lead for his liquidation price from a market that trades less than 30% of the float?

He does not even need to sell.

He can just become TECK's junior, carried partner, thru production and wait for his 25% of the action to just roll in.

Not going to happen.

Somebody is going to pay what this position is worth, based on the NAV or other measure.

It will not be a market driven price because the market is not where the shares are.