Still, I can't see how those who took down the one at $4 could be all that happy given the POG and the performance of some others vs SGR.

Depends what the time horizon is of their investment. If it's to help build something of value and take a loss in a flow through fund only to later cross it over to another non arm's length fund then it makes sense.

The new accounting rules would make this practice beneficial for the company as well come tax time.

"Under IFRS, the Company records a liability for the difference between the proceeds received and the market price of the Company’s shares on the date of the transaction (“premium”). This premium will be recognized as income upon the related renouncement of expenditures. The Company intends to renounce expenditures totalling the gross amount of the flow-through shares issued to the purchasing shareholders. At this point, the Company will also record the deferred tax liability associated with the renouncement of the tax benefits. Any difference between the deferred tax liability and the original premium liability will be recorded in the statement of income."