Ok, I missed the main point of your inquiry. Because GHDC may get 15% of the take from SFMI's production, it is logical to assume that it should sell at some multiple of SFMI. However, as you stated, it is impossible to determine at this time whether they will even get this 15%. Also, the total shares of GHDC relative to the number of shares of SFMI must also be factored into this discussion. Now GHDC will have some intrinsic value based uopn their property portfolio and also the lease payments which they collect, but in my view, to say GHDC should be selling at say half the value of SFMI is purely a guess and probably not a very good one. I also don't see any logical reason for this appraisal.

xman