Here are some factsBardoc was sold to SBM when price was $1.44...

Here are some facts

Bardoc was sold to SBM when price was $1.44 for each BDC share worth .36 shares of SBM. The price was 0.53.
Price of SBM now is $1.22 which equals 0.44 of current holdings of those shares. Down approx 17%.
Then they did 13:1 in-specie distribution for edge shares but it approximated to 1/78 conversion to edge minerals.
Subsequently, both Biddle (Neil) and Leibowitz (Tony) superfund gave Edge a 1 million unsecured loan at 8.5% intrest to continue running while they found a vehicle to vend.

Now each shareholder of edge receives 2.2 shares of trek. So basic mathematics.

100K shares in BDC would yield

36000 shares in SBM = $43920
100,000/78 = 1282 shares ( in-specie for edge ) 1282 * 2.2 (TKM eq) = 2820 * .085 ( TKM price ) = $239
Price of BDC when SBM takeover was announced = 0.40 * 100,000 = 40K

Shareholders of BDC are now 10% better off with added advantage of diversification.
TKM shareholders are better off with a proven resource of 11.5MT and acquisition value of 4.0 M for edge which is mostly in shares.

Speculation
Tony et al kept buying on market at or under 9 cents on TKM assuming edge was going to vend in TKM in the future.
Both Tony and Neil have a 1 Million loan which they will most likely convert to equity because the terms are not known and also looks like management is committed to taking trek further.
TKM's price was artifically delated both for buying on market and to ensure that TKM is not paying an excess price via dilution to edge.