You started by saying this, Their public announcement that they are looking at further acquisitions would therefore mean either..., and I'm just pointing out there could be further explanations than those you gave. It doesn't hurt to look at all the possibilities.

You don't need Elmer to tell you that a spinoff is coming. It is obvious that they will spinoff and then consolidate at some point. I'm just suggesting it could happen sooner, rather than after SC is sold.

While I'm at it, another option is that one of the other properties could sell. Van Dyke, for instance, could sell or find a JV partner, and provide an influx of funds.

I don't think it dilutes Copper Fox because it will remain with 413(ish) million shares outstanding. They essentially climbed to that number with only Schaft Creek and will probably remain that way until SC is sold.

Desert Fox/Northern Fox might start with about 40 million shares outstanding and go forward diluting away.

This is what they have said about Desert Fox. They are obviously running as few costs as possible through Copper Fox, and this leads me to infer that a spinoff will eventually happen. In terms of value going forward, well it might not be much but it will include AZ, 42.5% of Carmax, and the new acquisition.

1. Copper Fox management and personnel have now been assigned to Desert Fox to support Desert Fox's new role as the primary operating vehicle for the Company, re-aligning overhead and providing savings and cost efficiencies;
2. Desert Fox intends to acquire and invest in advanced polymetallic copper projects within North America to take advantage of unprecedented current market value opportunities,