>According to my reading of the 10Q though, LFB has already taken their ownership stake of the joint venture programs from 50% to 87% by spending about $6 million...how do you expect [GTC] to get much cash for the remaining GTCB stake?<
The amount of funding the parties have put into the JV is not the same thing as the economic value of the JV. You’re talking about the former and I’m talking about the latter.
Let’s call “e” the economic value of the JV in millions of dollars; then GTC’s share of the JV is worth: e/2 – 6 (i.e. half the value of the JV with a deduction of $6M to “true up” the prior funding).
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