Thanks for posting that, I think the explanations from RBC of their reasons for the rating are excellent.  I wonder if this resulted from the recent presentation?  I think most of us agree that Connacher is very undervalued.  I have a couple opinions on that:

1.  As others suggested here, CLL isn't listed on a large US exchange.  I've read many comments elsewhere saying they don't trust stocks listed on the pink sheets.  I believe someone here mentioned a discussion with Mr. Gussella where he said a (Amex?) listing would be a $2M investment … don't quote me on that.  Possibly CLL wouldn't even qualify for a listing, I don't know, but I wouldn't be surprised to see that down the road.

2.  I believe Greengas commented that Oil is a commodity, and I believe it was Metacommet who raised questions that have been discussed previously … why are companies like BQI with published reserves of commodity but no production valued so relatively higher.  I'm very interested in this too, and have never seen it answered ... maybe there is none.  I've been wondering if the resources of other companies are perceived (there being no evidence to the contrary) as being fully retrievable, whereas Connacher's demonstrated they'll only be processing small portions at a time?  Just a theory.

The thing is, eventually the balance sheet is going to begin showing some real numbers, even though money is being pulled out of commodities.  I'm being patient becaue I believe there is much more value here than is being credited.  I've read the RBC blurb at least 3 times already; I feel strongly these same beliefs.  $5 seems conservative to me.