IVL, I just went back and read one of your previous posts, and I think I see what you are saying.  But I still disagree.  You are right that its easier for investors to trade a $10 stock than a $40 stock, as per your example.  But it still will not create any new value.  It is market cap that drives the long term value of a company.  Institutional money does not fall for the share price gimmick.  If a company runs beyond the enterprise value or beyond a comparable with the peer group, they sell it.  Retail schmucks will fall for it because there are many dummies out there that think a 10 cent stock with 200 million shares out is still way cheaper than a $1 stock with 15 million shares out. 

At the end of the day, KXL will trade as high as the potential of its projects merits.  But if you have other projects that are burried behind the 1000 pound elephant in the room that is Hercules, you will always have a discount to the real enterprise value of the company.  Spin it off...

cheers!

mike