Hello Kerry (“cappysmart”),

Possibly, your words came out wrong? Possibly, you’ve inadvertently said what you don’t really believe?

I don’t get this great respect you’ve expressed for the market. This is the same market that assigns a higher value for the stock we own (or are in the process of owning) plus our undeniable cash deposits than it does for the whole company that contains those pieces plus much more.

How wise can this market really be, which (as you’ve put it) “is rife with analysts with sharper pencils than you and I” who “have found reason for our undervaluation” and have the greater capacity to “see it when we can’t”? Really? You could have fooled me. I can’t begin to understand.

What intelligence quotient are you expecting us to assign such out-of-sight market wisdom? Do I have this right? You’re asking us to stand back and respect the wisdom of the market because it understands how it’s contradicting itself better than we can?

Say you have a delicious rich cake (our properties and NSRs) with icing on top (cash plus our share of CHM and RGX). Then, you duplicate it. Next, so far as the second cake only, someone eats the main constituent, that is the whole delicious rich cake itself, allowing only the icing to remain. So far as the second cake (which, now, is only the icing) that same someone also eats part of that same icing ($7.5 million of the $11.2 million cash).

On one side, we have the original delicious rich cake with its icing untouched. On the other side, the entire original delicious rich cake has been eaten, along with part of its icing. Only remaining is part of the icing ($3.7 million + CHM + RGX).

Comparing values, the market concludes the cake that no longer has any actual cake left but now consists solely of partially eaten icing is equal in value to the original delicious rich cake with its icing untouched. What profound thoughts could all those “analysts with sharper pencils than you and I” possibly be having that leads them to believe that?

Surely, I’m missing something here. According to my primitive thought process, even if they have “sharper pencils,” you will go hungry if you agree with those who value a delicious rich cake with full-sized icing the same as its twin with all the delicious rich cake eaten away and only part of the icing remaining.