I already looked into that. It's due to the collateral shares and shares issued to employees. The collateral shares alone (20%) account for more than $100M in net assets disappearing as a result of dilution. So the $57M gain kind of fades away.
Let's just hope they put that $32M due from the MF partners to good use. Even if they don't buy back shares, they could invest it in Triway. That should give us another 5% stake, solving multiple problems. We could even get the latest 1.2M collateral shares back.
But these guys... are already thinking about investing more money in SJAP. They don't have a plan. And they think we are being tough. Just wait until the shorts get a hold of them.