Why is ALJ trading for such a discount? I mean it's trading for less than it's assets even not taking into account ALDW. But here's what's going on. The shorts want to short ALDW because it's overvalued and inflated by the big but temporary dividend. But they can't short ALDW because they don't want to pay the dividend or get squeezed by the small float. That's why ALJ has 25% of the float short, much higher than ALDW. It's a proxy for shorting ALDW. It doesn't really matter that ALJ also owns 300 7-11 outlets, the Crotch Springs refinery and so on. It's nothing but an easier way to short ALDW and pay a much smaller divvy while doing it.