In my excitement last night, I did not notice that management has upped their conservative estimate of the land to $700m from $650m. That would bring the total theoretical BV/share to just over $30.

Recap (assuming 15,955,798 shares outstanding):

Land at $700m * 60% ownership interest by Inc = $420m or $26.32/share

Infusion of $69.8m * 60% = $41.9m or $2.62/share

Pre-Development Reimb to OMAG and Success Fee to OMAG ($9m and $10m, respectively) = $19m or $1.19/share.

All of the above sum to $30.14/share.

Does NOT include NPV of future sales over 7 years of $450m * 60% = $270m or $16.92/share.

Also, in an earlier post I indicated that Charlie was going to be promoted to CFO ... I was mistaken. I could have sworn I'd read that somewhere, but I didn't. So sorry to all, especially Charlie for the misinformation! He's still top dog in my book (along with Frank and the team).