Ann: Proposed Amendments to Secured Amortising Notes, page-13

I share (and even encourage) the recent despondency surrounding the dgr stable, but ajq really are good value right now, assuming the MacArthur spin-out works as described. For 3.1 cents you get ~2 cents worth of MacArthur shares, plus a $40 million cash injection into ajq. What faith I have says these MacArthur valuation numbers have been run by some experts and are roughly achievable. Looking at their assets MacArthur compares well with other similar companies, so a listing @ $100m-ish seems plausible to me. Now for the execution... (of the plan, or of management...happy either way.)