Thank you for the correction. I'm used to thinking about how securities are held on the balance sheet, and just assumed that applied to all assets. Still, like you said earlier, we don't know what the "cost" is. Seems kind of circular. The value of the land increases the value of LLC shares which were used to "acquire" the rights.

What I'm hanging my hat on is the way they wrote up the 2Q report. Right after advising us that they had a draft of the PWC report in hand, they went to great lengths to discuss what the $718m would mean to the book value of LLC and to the consolidated book value of Omagine, Inc. No hint of lesser of cost vs market. And I HAVE to believe that subject would have come up before they released the Q2. Hope springs eternal ...