Ann: Walnut Asset Sale - Heads of Agreement , page-10

zwu, I don't think there has ever been a MIS project, whether it was in forestry, vines, almonds or walnuts, that wasn't priced way above what an investor would have spent if he had done it all himself. However, it's easy to buy one or two walnut lots, not so easy for small fry to buy a walnut farm. Websters are walnut growers in their own right and in some way the price reflects a volume discount.

Also remember that the MIS investors have tax deductions, so their net cash position is a lot different to the gross position you have shown.

And before you arc up: I still say MIS was a mug's game.