That might be dumbing it down a bit too much.

Cliff bought Freewest for $240 million, which was a steal, at about 1% of the in situ ore value. They did get 100% ownership of Black Thor and Black Label, as well as other FWR assets, including 47% (max) of Big Daddy.

They are offering SPQ and KWG a total of about $160 million, mostly for our minimum 53% stake in Big Daddy. That is about 0.6% of in situ value for our 53% ownership.

In other words, to get the same value for our part of Big Daddy, they should have opened the bid at 22 cents. And they still would be screwing us...