Sometimes the simple explanation is the best explanation.
At this point in the history of these companies, who the hell else would be buying these shares?
-You either have purchased or passed on the story by now.
-There are no natural incremental buyers who care.
-Combine this with Mike Green's thesis on passive flows taking from discretionary managers & the fact that these trade OTC and are excluded from ETFs/indexes.
-Add in perceived legal risk / election risk / timing risk / political risk.
The discount seems understandable if you aren't one of the few psychopaths who have followed this for years.