I get that, but it makes zero relevance to the OP's initial...

I get that, but it makes zero relevance to the OP's initial assessment.
They were using a comparison of SYA's MC, based on PLL's "economic interest" - and it doesn't work.
You can only reduce SYA's MC based on PLL's equity in the JV - not their shareholding in SYA.

The 14% is simply a shareholding. Just like the other 86% of shares are owned by someone other than PLL.

If you were talking about PLL, then yes, you can use those figures quoted.

At the end of the day, using your figures above, SYA gets $300M. It may be fully distributed as dividends to shareholders, but it doesn't mean the company hasn't made a cent. I was trying to understand his comments, which weren't written very clearly.