Hello Rago,

Your Point #1) So far as replacing Peter, probably that’s a subject our Board of Directors will figure out, after it’s finished the process of being rejuvenated, with those new members coming over from Champion. So far as what I’ve been saying, lately, about a Change in Direction: I will, in the coming days, make it very clear what I mean exactly.

For now, let’s just agree, the Change in Direction is the main thing. It’s even more important that the right things be done and that the mindset changes than who gets the acclaim or who we thank for making the changes.

Your Point #2) This is what you’ve said: “Spinning out shares in RGX, CHM and Magpie will be a wash The shares will have value for the current shareholders but the value in the company will decrease and the SP may go down as the company will be worth less for new investors.”

You’re looking at this the wrong way. Of course, I don’t have to remind you, as it stands now, the SP is many multiples and many magnitudes below the intrinsic values of what we own (Properties, Stocks, NSRs).

We would remain grossly undervalued, even if we divided FNC into five pieces and each one had our present SP. In other words, our gross undervaluation is so great it would outlive even a fivefold division, even after achieving a fivefold SP benefit.