The answer to your question Pat sheridan Sr!!!! How so? Peter had a property in new brunswick next to his buddy mac watson He got sheridan yo invest to explore that tract Bust was the result Now that sheridan owned shares of fnc tat were useless and he had viable properties that all needed a public home to some degree . sheridan entered into jv's with fnc on fermont lamalee and magpie We know that fnc and sheridan sold 50% to chm and then sheridan sold his remaining portion of fermont to chm Then he wanted to sell lamalee to chm but granger had the bright notion to make sheridan same offer and thats how fnc ended up with all oflamalee As for magpie granger convinced sheridan to support ipo Bottomline all of the alue for fncis due to sheridan help Smith dilly dallied and showed no leadership like chm and rgx which started from zero and bought the poroperties amd made somethingofthem That is it in a nutshell You judge for yourself what smith has provided in termsof value enhancement