To me, it appears that CBRX does nothing but push some modest level of paper as a conduit between Merck and ACT and the actual contract manufacturers of the products, plus manage a $30mm investment account which is hardly huge. While i understand the public co structure imposes disproportionate costs to relative size, SG&A costs consume far too great a share of modest annual net income than can be really justified to shuffle a few papers. For example, saw the accounting fees for the auditor in the preliminary proxy on file with the sec and was shocked. how much simpler could an audit be than this company. only way to grow the small investment pool over any meaningful time frame is to dramatically reduce SG&A till they actually have something to invest besides a bet on an early stage candidate that would have to turn to vc for project funding if they had a promising p2. a couple of file clerks and junior grade controller could run this postage stamp operation which is totally passive. time to vote no on proxy proposals and send a signal. otherwise, just best to put it a liquidating trust so that SG&A does not consume such a huge portion of the passive income generated by the out-license of the company's products.