what does this mean, page-4

Yes you are quite correct in saying that FAS has
value in GWR shares however I wasn't looking at it
from the companies point of view, just from the
poor shareholders who converted their GWR shares to
FAS. What they now hold is worth considerably less
to them now as compared to when they signed over their
shares. No wonder, when the management of FAS loses
10 million shares with no chance of ever getting them
back. This SP is not going to move up in a hurry (if
ever) Only my opinion tho.
I know that GWR has gone down as well but at least they
have resources. What has FAS have that GWR doesn't?