Our majority owner would never let Copper Fox run into finacial difficulties. We must remember who has put up the capital to get us this far...

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I agree with you that we will not run into financial difficulties, per se.

My point was more to the effect that I wouldn't want to see further dillution to fund Carmax or Arizona. Even raising a few million would cause a significant dillution at these prices.

Is it a great idea to invest in developing these early stage projects now when the market isn't strong? Wouldn't it make more sense to make the push on developing them when funding is easier to raise and the market to sell them is more favorable? If there isn't a lot of demand for those properties now, and the dillutive cost to raise money now (even if it is EE) is high - does that make a case for proceeding now vs. waiting till later?

We have the properties - there is no hurry is there? No urgency to develop now that I can see.

My preference (I know nobody seems to share my opinion on this) would be to conserve cash to easily ride out our main project to better times. My opinion doesn't matter to CF and I know that - but I'm still a shareholder and I'm allowed to have an opinion.