[vasilipupkin]

The difference is nobody would attempt to buy this participation to resell it later for a higher price

[brucephillips]

Why not?

[vasilipupkin]

Because there would be no secondary market, no exchanges, no investors, etc. but if there existed such a market and issuers of these rights talked about how these can be resold for a higher price, then it's a different story

[brucephillips]

Nothing in his description precluded those features.