If somebody discovers it tomorrow, that's fine, but it doesn't have to. You can still make a good return by holding it for a long period of time because the company would slowly grow in value and maybe close that gap. The properties are growing very gradually over time. They don't get to retain capital, because they pay out most of it as dividends, but they do have a little bit of excess cash flow from excess depreciation that doesn't have to be spent on maintenance. But periodically, people get interested in real estate and it might very well sell at or above that, whatever the adjusted asset value is.
Golden State is a thrift in California that gets no respect at all.
It ought to be an attractive franchise for somebody that sells at five to six times earnings. They've done everything that they said they would do. I think it should be worth mid-20s to an acquirer at some point, they've said that they're basically putting it together to sell. And I'm talking cash earnings here. Other value managers have suggested that since the valuations have gotten so low in some of these value stocks that the markets are primed for increased leveraged buyout activity.