commonwealth bank will put up for auction $110, page-16

LZA I agree with you on some parts and I can see the point you are trying to make.

You need to ask the following questions:

Does CER have any intangibles with some value and can those be sold? (Intangibles are not part of the NTA)

How prudent were the property writedowns? (SuperLLC was written down to NIL, do you honestly believe it has no value?

When it comes to writing down things auditors can be very harsh, especially with a company involved in litigation due to poor reporting.

I think there is value in the company outside the NTA, you need to look at the whole picture.

CER is not a forced seller as per director.

You said the market is not stupid. ok point taken.... now tell me what is the market?

Market is informed investors. Orbis is an informed invetors, is it not? (13% holding)

They think a minimum 40cents we should get.

Given the amount involved, fees of 5% are extremely high.