rago1 sent me a PM saying this "I think they have a new business plan which will include shareholder dividends"

Are they nuts? Dividends are for mature industries, or less capital intensive industries, or companies with lots of cash flow. Maybe down the road, but not now...FNC has a number of royalties for which eventually they should be receiving payments, but talk of a shareholder dividend now is way way too premature.

And re the shareholdings in CHM and RGX - these two companies are getting closer and closer to carrying out their business plan, in particular RGX. Will be great for FNC! And I for one would not like to see the shareholdings spun out either (well, some shareholdings have a hold on them still, and the # of share count would be problematic as well, but don't even bring it up IMO!)

Royalty companies are hot now in the market, and apparently the alternate board would like to play to that - doesn't make business sense for this company. Sheesh.