Nice post PinkElephant. Good perspective on Hemi and HMGP. I believe Hemi is sitting on a lot more value than most know, but they are a relatively small company. I don't know if I'd say resources are strained, but I do know they are busy. My guess is that Keith is placing more value on Hemi than on HMGP, like you suggest. I think this will pay off for longs within the next few years, big time.
You and I agree that it is undervalued. I am not concerned about the OS growing and expect it to. However, I am fairly confident that the AS won't change. Having said this, I do wish the company was more proactive in getting HMGP to FMV as it would benefit shareholders and the company in the short to mid term.
The season still has some good time left, and things are moving nicely and hopefully will continue.