Medinah couldn’t take over your bar bill, let alone CDCH, at this point. One needs to know the share count to assign value. Unless you have issues owning a private stake in AMC, CDCH offers a cleaner play on “the mountain.” If you’re one of the veteran 5-20 year holders of this investment I don’t see how liquidity plays much of a factor.
Things to consider:
implications for those who own CDCH in an IRA account which adds complexity to owning a private co (especially when dividends are paid).
should the shares currently held by insiders be “clawed back” before a distribution is made? Is Les really going to receive private share of AMC? There are rumors of a more imminent dividend. I don’t see that happening until those shares are returned to treasury
how will the new project CDCH will pursue through the “public shell” be financed and what will the residual value of the public shares be worth after the 5% of AMC is distributed (this number would be considered a premium to any value assigned to the AMC ownership)?
Regardless of the outcome, the picture for CDCH has more visibility. I only wish there was more volume so we could accurately determine the value the market is currently assigning to AMC.