market disconnect paradox, page-26

A bird in the hand is worth 2 in the bush. I would seriously consider accepting a $1.30 bid for IPM even though I reckon it undervalues them. But there is no $1.30 bid on the table. I only want CASH, not shares in an illiquid company that I do not consider investment grade.

COE is cashed up but that will soon vanish with some dry holes, and that is why they want IPM, long term production and cash flow.