I have no idea about valuations, the company seems to think it's...

I have no idea about valuations, the company seems to think it's very valuable, EGP did some thorough DD before becoming a major shareholder & their main reason was because of this land. Bit hard to tell exactly where that land is. Clark is trying to build a "green" community with many open spaces. Maybe that land is designated farming & can't be used for any other purpose? maybe it's at the end of the runway?

Agree though they'd lose the lease if they became insolvent.

Remember too when they gave the incentive to Nic to sell the land, Nic also provided them with a loan. Nic wouldn't be bothered with it unless the return was good. After EGP put that US$90-150m figure on it based on recent sales, they thought it would be worth a fair bit more after SIT released it's development plans. I think Covid will have knocked those valuations down, however I'd still expect many multiples of our present market cap.