Just a quick thing on your math - there are about 1.5 billion share o/s of PGPM stock so you're closer to a 1 cent price on PGPM - still 10 times current levels.
Also, the $3.08 for IMVS is not a "target". It represents the price that both PGPM and Lariat can exercise their conversion rights on the notes they hold from IMVS. Even if the price were to go to $20, PGPM is not obligated to buy stock - they could take cash. Wouldn't be logical, but the point is that it is a convertible note.
As Downside mentions frequently - the main issue continues to be the $40 million note from Lariat and the asset transfers from PGPM to management. When they sold the leases, they booked it as ordinary income (obviously, their acccountants don't understand GAAP accounting and he's the new President at IMVS) rather than extraodinary income. Then they further assumed that such "ordinary income" would grow by 25% per year which is how they got their 30 cent price target.
I agree with your concept that the PGPM share of IMVS is approximately 1 cent per share which represents great value. Hence, I can't understand why anyone would buy IMVS when you can get it far cheaper by buying PGPM. However, maybe people aren't stupid and know more than we do. That's why PGPM's stock doesn't move in sync with it.
Best of luck to all.
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