Story remains the same. Details are in the original post. The discount is still there, VUL must rally 60 percent to fully reflect RMK value alone. I expect a discount of some amount will persist, but if RMK breaks out from this small basing pattern, the expected move would carry it to near $1 per share. At that point, if VUL rallied to fully reflect RMK value alone, it would have to triple from its current price. The main risk here is that RMK fails. There is a gap back in the 20 cent area that also is supported by a larger base of support. Downside risk would be almost 70 percent in RMK, and 40 percent for VUL, again assuming VUL trades solely based on its ownership in RMK.