thanks for reply worzel.
i get the cross holdings stuff but i still think that your calculation is a double-dip. if you're going to count the 44% (that TBR hold of RND) as part of the JV then you also need to subtract the value of the 26% that RND hold in TBR. you can't have it both ways otherwise you will end up having parties entitled to more than 100% of the JV. I know what you've done seems intuitively correct but I still think it is logically incorrect.
note i'm not disregarding the real value that RND and TRB hold in terms each other's shares (they are of course real assets). i'm just saying that you can't value each company's share of the JV in the way you have. it's a bit like one of those logical paradoxes which sounds intutitively correct at first but is actually logically incorrect ...
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