[thona]

I am not so sure. SjGames is a great company, but it is relatively small and it is in a very competitive business. The mmissing alternatives make a fair valuation relatively hard to come by. I would bet the SjGames is definitly worth more than 3 million dollars - the main question is just how much more it is worth. That is a very tricky thing mostly - I am CoB on a smll technology company, for example, and the last investor which wanted in (too bad, we do not need money) suddenly di put our valuation ad 8 million euros, right from the start (i.e. no negotiations, so the numbers are simply wrong, it should be higher). The real trick is that we did have our own valuation based on about half of this before in our plans. Not that anyone cared, as the last investor round we needed was a year ago :-) I really liked the implications, though, for going out and actually getting my hands on the valuation of my not so significant share :-)

But company valuations are a adamn tricky thing to do, especially if there is no other company out there doing the same thing. And no, Wizards does not count. Too different.