I don't think you can use PH to compare to any other deal, that was monkey business. No way in any world a message board that couldn't get beyond a niche audience, that (I think most would agree) was past it's prime, and had no obvious path to revenue is/was worth $20M+. It was only able to get that because of the people that had invested. The right people can make anything happen, it was not an ordinary deal under ordinary circumstances.