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Timber great post
I never really looked at CCD through those "eye" and yes you are correct. How to extract value out of it.

Clearly, if ORD are entitled to on sell its stake then once the NPV of the 10 % has increased enough it would be possible for ORD to negotiate with an interested party and keep some of the difference between purchase and sell value.

This can only be done if ORD do not have some sunset clause on this arrangement with GRAM. Do they ??