KATX's market cap is about a third of that of BVIG. We don't really know how much BVIG stock KATX owns, because KATX is "dark," but it's never been reported to be more than 7%. KATX has been trading for several times its actual value, if it actually has any value at all.
The math is not especially complicated. What's complicated is why anybody still chooses to hold KATX. It's beyond all reason.
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