Ann: Dec 2008 Quarterly Activities Report , page-25

A perfect example of Asset Valuation is the BSM hellyer Mill - Valued at $100M by 3rd Party Experts, yet sold for $10M.

BSM has a Market Cap of $10M so does that mean by your measure BSM should be valued at $100M or $10M...?

Assets is NOT a good measuring stick at the moment in my opinion - Too much fudge involved.

Anyway, I never dissed on MCR I only pointed out that PAN is more defensive due to larger hedge and lower cash cost. Not that the market gives a fig about anything anyway.