25 year license to manage villages ... 41c

Part of the VLL business model is to get a fee for managing a village they built. They build the villages sell them to the trust make a profit hopefully) and part of the sale is an agreement to manage them for 25 years. They have such agreements on 67 villages at the moment. The revenue from these deals amounts to $7963 million. The operating costs here (and I can't be sure about this) is around $5703 for employee salaries and on site managers.
At a minimum I would say they are making $1.5 -2 million here. Over 25 years this is worth between $37.5 - 50 million to the company. Divide these by 120 million shares and these licenses to manage the villages amounts to between .31 to .41. Licenses are agreements and are not included in the Net Tangible Asset backing figure. At the moment NTA is .175. You could say then if the company stopped developing and selling units and just managed the villages the company would be worth between .485 to .585.
Of course analysts, brokerage firms eg are negative about this company and have a lot of egg on their faces after talking it up and getting their clients into the stock. But hey....these guys know squat.
This company is nowhere near broke. They have no debt, they own 7% of the trust ($7 million, I think) and the have a source of cashflow in the licenses to cover debts.
People who have some nerve and are prepared to hold for a couple of months will end up winners here, believe me. They don't call me the zen_machine for nothing.