worth a review, page-51

That sounds a sensible and understandable point of view, Asteroider.
I guess my point is that with Bhushan holding around 19% of the stock once they exercise all of their options, what other big brother is going to come in! That leaves Bhushan with a pretty cheap mine and the shareholders of BWN are out in the cold.
I sold all my stock in BWN for that reason as I could not see the logic personally.
Even if Bhushan DO develop a mine, BWN shareholders only get 10% of the coal or net income, and they have to contribute after commissioning the mine.
I find the formulae difficult to understand, but it seems to me that if Bhushan do want to buy BWN out, they only have to pay them 10cents per tonne for coal in the ground (10% of $1 per tonne) and Bhushan gets to say how much coal is there anyway. That seems strange to me, and to potentially undervalue any resource, especially coking coal. Is that how you see it?