There has been so much discussion on these forums in the last month about how either FWR or NOT is worth so much more or so much less, and why it is so much better to stick with one as opposed to the other, that I thought I would portray a few facts. I have made several statements in the past about how to evaluate either of these plays, and there have been opposing views expressed, but what I am discussing here is factual history.

Let's assume that someone possessed 1mill shares of FWR when the offer from not was originally aired.

It was possible to trade these shares at an average SP of .5165/ share, for a net of $516,000 dollars.

If that individual wanted to remove their original investment going forward, they could have set aside $193,000, and used the remaining $323,000 to purchase 200,000 shares of NOT at an average of 1.615.

That 200,000 shares would now be worth $458,000. When this is added to the $193,000 that was set aside. their total holding would now be $651,000.

OR; They could have been content to hold things as they were and their total holding would now be $550,000.

Best regards

K