Ann: Successful Closing of Private Placement, page-13

@journeyman while I agree with the premise of your post - i.e. if the LKO stake were to be liquidated on market (which it doesn't have to be, or probably won't be given its 33% of the company) then realising the current market price is unlikely & will take time.

However, this is just financial convention when it comes to mark-to-market valuations of large positions. The global funds management industry would be turned on its head if it adopted your approach to valuation.

The Global FM's have hundreds & thousands of substantial shareholding positions & they mark-to-market them to the last traded price. All their reporting / valuations / distributions / etc etc are all based on last trading price.

It's just the way it is.