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Max,

I have read that document on a number of occasions. It never made any sense to me as it seemed to contain many innuendos but not much that look useful.

The numbers that you quote for instance make no sense to me relative to your claim.

You say that Citi Noms had about 123 million On the register and about 900k off. In my book that is massive accumulation and not churning.

You say nat Noms was about 100 million On and about 23k off. How is that churning? again its massive accumulation.

I dont understand your claim with regard to the numbers you have quoted.

From the look of it, the market doesn't understand what is in that document as well.

After all these years of looking at it, I have no real way of valuing CDU and most others are in the same boat. A DFS would assist greatly. This has been promised many times over the years and those quotes are in the various annual reports over time. Why wouldn't the company just put out a DFS to keep holders and potential holders informed? I don't understand that.