valuation, page-5

You are talking about July 2003, the Cohen Research Report.

Not really the same kind of animal. Cohen was paid to do a report and although I don't intend to impugn Cohen Research's integrity, clearly the intent of the report was to validate MBP's business plan and ramp the share value.

The DMR report is intended to establish fair values for the boards of the two companies. Each one has an interest in making sure that the other is not overvalued or their company undervalued. It appears to me that the valuations are fairly derived and and that the report shows no ramping of the shares.