i know you know but are we all stupid?

Hi all,
for those of us who have followed TRF, you will already know this however, it just doesn't make sense.

Assumptions:
M/Cap of IFE: $50m (who own 80% Iron Project)
M/Cap of ROL: $104m

Fundemental value of TRF:
20% free carry of Iron Project: $12.5m
50% ownership of IFE: $25m
11% ownership of ROL: $12m
Cash in bank: ~$1m

Total: ~$50m

CURRENT TRF M/Cap: $42m

So, you can buy a company today for $42m that has fundemental assets (if currently priced accurately) of ~$50m plus you get the enterprise and the Trafford projects on top?

Seems like a steal, is this a case of 'if it is too good to be true?'.

I don't think so and very happy to own TRF!

Regards,
W