Actually, in these turnaround scenarios, it is a common "trick" to have a company and assets valued over a range of probabilities by professional independent firms for hire. You see this all the time on the OTC, people pumping but such and such firm did a professional valuation and said we're worth 10x as much as today. Doesn't hurt, and might add a basis of "fairness" negotiations. I agree the asset is, theoretically worth $12.5M, but that doesn't mean it will that many shares at market price because Mr. Chan knows it's not worth that. I think the language indeed suggests otherwise.

That's not what worries me. A RS worries me. GC could very well get a new compensation agreement that makes up easily for the fact that even after this new deal and the dilution GC will own 1% or less of the company. One way or another he is going to increase his ownership. His current holdings do not align him with us. If the time comes, he doesn't want 1% of $10B. He's gonna want 20%