Hi railroader,

Here is the part some are missing on the difference between SPQ and FNC. Lets say all things being equal both FNC and SPQ hit on an anomoly and both find $1 billion dollars of dirt. Lets say the market puts an instu value at 10% on this valuable dirt, making the find worth $100 million to the market caps of the companies that own the dirt. FNC owns 100% of their dirt so the $100 million goes directly to their market cap. Now SPQ only owns 22.5% of their dirt because they are in JV situation with UC and KWG. So SPQ only adds $22.5 million to their market cap. Yes SPQ has various % ownerships to different land parcels, so not trying to start an argument on what if they hit on this parcel or that one. My above calculation is only a way to round off the numbers so we can get a handle on the situation.

Using the above calculations, with FNC having 29.26 mil o/s shares and SPQ having 369.67 mil 0/s shares, we come up with a share price for FNC at $6.39 and SPQ at $.195

Spend $3,000.00 on each and if my calculations are correct you would have a share value of:

$6,432.81 for FNC

$4,333.32 for SPQ

unless my math is wrong.

Al