Ann: Quarterly Activities Report, page-37

Time will tell if the market valuation will catch up to the investment value or will it go down with an impairment write-oiff? Based on the annual report and investments to date, the company's assets should now be around $500m. Never realised accounting is such a creative process

This quarter is probably do-or-die for stage 1. Rising costs would be my bet for CR's reasoning next quarter. Condolences to all the holders, but it's always exciting to see what WMC will do next from the sideline.