Lar,

Yeah, that "me" caught my attention for 1.5 seconds, but I regained my composure and read the rest. Everything read fine, there is no different between me and we!

With respect to " less than 50% book value" I would offer a slight modification. Since it's tricky to define "book value" for FNC, perhaps we should compare the market cap with the cash and cash-equivalent holdings.

- market cap: $22M as of 30 Mar 2012. There is nothing we can do about this..it's the market's prerogative, unless we decide to take advantage of the undervaluation to scoop up all or part of FNC.

- cash: $8.4M

- 17% CHM: $30M (leaving out the 1.5% NSR for now)

- 9M RGX: $7.6M

Total cash and cash-equivalent holding: $46M compared to Market cap of $22M (48% of $46M).

We also need to remind ourselves about the other holdings

- McFaulds

- Magpie

- Lac Lamelee

- Desolation

- Beauce

- etc...?

All this could add up to a large number, say in the order of $100s of million.

goldhunter (a believer in FNC, but also frustrated like...hxxx)