I agree that the VRLPA are theoretically worth the same (or similar - 5-10%) as the VRL, and the underlying value of both has been improved by the buyback of a large chunk of the VRLPA at prices lower than today.
It's somewhat irrelevant what I think though, as Mr Market is the important valuer.. The gap appears to be closing so there is hope that more people are seeing it this way also..
