independent expert values at 41c to 60c, page-6

A valuation of ITT doesn't mean a thing without a similar valuation process for HGO... I suspect a fair valuation of HGO will be higher than its current market cap also. If the SP of HGO was 5x higher yet the company (HGO) still had the same assets then the 'recommendation' would have been accept... it makes no sense unless both companies are independently valued. In this market a lot of stocks are trading below 'fair' value and will continue to do so.

Disc: Hold HGO, looking at ITT