talon premium

Given TXN & SEA's recent runs I thought I'd take a look at the inherent valuation being allocated to Talon (ie the difference between 2 x TXN and the SEA closing prices x 245m shares (=pre consolidation))...

The numbers (in millions) are as follows:
8/02/2013 7.35
7/02/2013 6.125
6/02/2013 7.35
5/02/2013 9.8
4/02/2013 6.125
1/02/2013 7.35
31/01/2013 12.8625
30/01/2013 8.575
29/01/2013 8.575
25/01/2013 10.4125
24/01/2013 7.9625
23/01/2013 7.35
22/01/2013 2.45
21/01/2013 0
18/01/2013 1.225
17/01/2013 1.225
16/01/2013 2.45
15/01/2013 1.8375
14/01/2013 1.225
11/01/2013 0.6125
10/01/2013 0
9/01/2013 0
8/01/2013 0
7/01/2013 0.6125
4/01/2013 1.225
3/01/2013 -0.6125
2/01/2013 -1.8375
31/12/2012 -0.6125
28/12/2012 -1.225
27/12/2012 -1.225
24/12/2012 0.6125
21/12/2012 -1.225
20/12/2012 -0.6125
19/12/2012 -1.8375
18/12/2012 -3.675
17/12/2012 0
14/12/2012 1.225
13/12/2012 -0.6125
12/12/2012 2.45
11/12/2012 3.675
10/12/2012 -0.245
7/12/2012 2.45
6/12/2012 5.5125
5/12/2012 1.225
4/12/2012 0.6125
3/12/2012 1.8375
30/11/2012 1.8375
29/11/2012 2.45
28/11/2012 -3.675
27/11/2012 -0.6125
26/11/2012 1.225
23/11/2012 0
22/11/2012 1.225
21/11/2012 -1.225
20/11/2012 2.45
19/11/2012 -0.6125
16/11/2012 2.45
15/11/2012 4.2875
14/11/2012 -2.45

For those that are interested - throw it up on a graph in excel.

For those that aren't = after bouncing around it's now falling below the expected cash balance with no value for the leases.

Feel free to add your own conclusion but mine is the obvious one = the market loves Eric/SEA but have no faith in Dave/John/Cliff.