CMKM Diamonds Inc. (fka CMKX)

[janice shell]

That's a good analysis, but we're missing a lot of critical information. First of all, we don't know at what price Urbie sold much of the stock in question. The a/s rose dramatically while CMKX was sitting at no bid x 0.0001. Anything he sold into the market (or sold to financiers) at that time would have been sold at a discount to market price. Possibly a very large discount.

So my guess is that Urbie hasn't raised anything close to $50 million.

Also: don't forget what they have to pay for the claims themselves and for the drilling permits and the like. I don't know what those costs are, but they do add up if we're really talking 1.4 million acres.