The answer is very simple. When the market has no transparency for the process and contracts are continuously “reworked”, first with MDMN and now, as rumored with AMC, it becomes virtually impossible for anybody to value the underlying asset. If our BOD/insiders continue the pattern of the last decade there is risk that they accept personal concessions in exchange for reworking the existing contracts and, as an example, accept private or public shares of Auryn instead of $100M. This would NEVER be agreed under normal circumstances BUT, if JJ/Les/Chapin get compensated with the left hand while agreeing to give Auryn certain breaks with the right hand, we shareholders may be at risk. Yes, it’s a win/win for insiders and Auryn but until the abused shareholders have empirical evidence that this self-serving pattern has been broken the market is not going to assume anything.
Until/unless you finally recognize the damage of the BOD’s past actions you’ll continue to be confused by the market’s “disconnect.”