Snow- While I often agree with you, surely you must know that sometimes the market is wrong, and misprices some securities. Sometimes this is a just a case that figuring out the true value is complicated, and difficult to understand.
I believe that is the case with TMNA/TIO.
When the preferred shares are issued to TMNA shareholders, and they own 75% of TIO, everything will sort itself out. And I believe TMNA holders will be well rewarded for riding out this period. Much like RENN last year.