If you believe SC's value to be high, should we be conservative and carefully protect it from dilution by not spreading ourselves too thin? Schaft Creek can't get diluted (Thanks to Teck). Before we would start raising money we would spin off Schaft Creek into its own entity that would still be held up by Tecks cash not ours. The new shell would consolidated Arizona and Carmax (This shell on the other hand could get diluted but once again get back to me in 2 years about dilution)

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I think you missed my point.

Yes our 25% share in SC can't get dilluted, but the number of shares issued can increase. If this is going to take a couple more years (and don't think it can't), money is needed to keep the lights on, etc. We have no future income sources.

If you believe they will spin off the other properties, why not now before we spend on them? Does it make sense to run cash down before spinning off - if spinning off is the actual plan?

Has Elmer ever stated that spinning off is the plan? Is this just a poster's idea of what could happen?