Ann: $71.3 million Offer from Quasar for ACE's Four Mile Interest, page-180

Hope you are enjoying your holiday Moseley. The USA is a wonderful place. I always enjoy my visits there - especially Washington State.
I have stated many times that I believe our company is worth $400 million. This is usually met with a round of derisive comments.
However what would the market value be if we still had 25% and were enjoying a cordial relationship with our JV partner? My guess at least $400 million.

There has been a lot of water under the bridge during the past 3 years and the faults are on both sides. We are not privy to all the details - only Judge Stanley is. For instance what was contained in the secret letter from IG to Stanley?

I have discussed this with my legal advisers. They of course have insufficient information to make a decision but their view is it all boils down to the fairness of the dealings between the two partners. If AGS has behaved stupidly, they cannot be protected from their own stupidity and will suffer the consequences accordingly. However if Judge Stanley decides AGS has been ufairly treated (ie shafted by H/Q) and the end result has been a $71 million "valuation", then he may award the case with damages to AGS AND order restoration to 25%.

That would be an extrordinary result but he has the power to do that. Of course it would then be subject to an endless round of appeals.

Having said all that, we are obviously in a bleak position - mainly because our directors look to have badly managed the situation.
As always, time will tell -- and I fervently hope the time is the coming week.