CYM -- ACQUISITION APPRAISAL (RESTRICTED)
 ==========================================================
 Class: WATCH -- STRICTLY PRIVATE (ACQUISITION)
 From: Corporate Development, via the Monitoring Desk
 To: Managing Director; File -- CLOSED LIST

 The "passive watch" on CYM (see [WATCH-SUMMARY.TXT]) is, in
 plain terms, target diligence. The Partner does not wish to
 sit beside CYM. It wishes to own it, or to end it.

 WHY THE TARGET IS ATTRACTIVE
   - vertically integrated: origin -> grading -> luxury
     retail (Maison Eternelle), all inside one group
   - the only house that controls its own origin
   - a captive, high-margin retail channel we do not have

 WHY WE HAVE NOT MOVED
   - We cannot value what we cannot see. CYM will not name
     its origin, and observation has not established it (see
     [WHY-WE-CANT-CLOSE.TXT]). A target whose principal asset
     is undisclosed cannot be priced, cannot be diligenced,
     and cannot be copied if we chose to displace instead.
   - CYM is not on our registrar chain. There is no quiet way
     in through the shells.

 RECOMMENDATION
   Continue diligence under the monitoring cover. Do not
   approach. Learn to value the origin first.

 See also: [WATCH-SUMMARY.TXT], [WHY-WE-CANT-CLOSE.TXT].