Yes, RCA essentially paid Omagine $718 Million worth of land, but the accountants could argue that it should go on the books at a lower value - for various reasons.

As an OMAG investor I'd like the asset to have the highest valuation possible. But if I'm the accountant, I might tell Omagine to use a footnote for now and once a stake in the LLC is sold to an unrelated third party, then we can more accurately value the land and put it on the books. Just a thought. I'm still hoping we get the $718 Million on the books.

I agree with your accounting comment. I learning enough accounting in college and grad school to know I didn't want to be an accountant! :)