What Urbie set up was a great idea of using the races to help advertise CMKX' stock which keeps the investor pool pretty healthy. What fung said here makes so much more sense to me now. It didn't click before how CMKX was legally transfering wealth over to CMKXtreme -- advertising duh -- probably in shares. CMKXtreme in turn sells them off into the float for cash. I don't know how they're getting around the holding period unless they registered w/ Nevada as an underwriter.
Do you know if most of Urbie's claims are on private land? For government land, he needs to spend a certain amount of money exploring the claims or he'll lose those.
----- "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." -- Warren Buffett