Gare is basing his valuation on what Stroh says. Stroh is full of shit. When with TURV, Stroh held that the Colorado/Kansas pact did not apply to the Cucharas and Huerfano Rivers re the 40% of the Arkansas River Basin waters that must go to Kansas---it does apply---even TURV's own SEC filings admitted such. He has always touted great value to the low priority surface (direct) rights assigned to the HCIC. If the rights were any good the land of the HCIC would not be fallow, and TURV would not have had the need to sue Welton in order to try to steal their water rights. Water rights are only as valuable as their ability to get water. In this case 0 water + $0.
Gare is the (Investor) Village Idiot.