I didn't mean to imply that our value was somehow artificial since the recent increase in the value of our CIA holdings (and hence our bookvalue) did not result in a commensurate increase in our stock price. What I was getting at was that if hypothetically CIA intended on acquiring FNC solely via a share swap offer (say for each 3 shares of FNC (at $0.03) one would receive 1 share of CIA at $0.09 (as was its share price on June 25th) then all of FNC's ~150 million shares would equate to 50million shares of CIA. But by driving up the SP of CIA to let's say $0.18 (as is the case only 10 trading days later, then one would require 6 shares of FNC to receive 1 share of CIA (in this instance, FNC shareholders would only receive a mere 25million shares of CIA).

But my initial fear may have been premature (I've been out in the sun a lot today and my head is not that clear). Takeover transactions such as the above typically involve a mean-weighted share-price volume average over the preceding 20 or 30 trading day period. This is a more fair way of doing such a transaction. Thus, as one can see by eyeballing the last 30 trading days for CIA , that the weight of volume would pull the average SP closer to the $0.09 range.

Cheers,

Luker