Initially, the only mean to acquire bitshares was to buy PTS. Now you can acquire bitshares by buying AGS. PTS had a monopoly position in the market of "acquiring of bitshares" that no longer exist.
Value of PTS was roughly cut by half since AGS.
Roughly again, the market cap of PTS is 17 200 000$ right now, so we can assume AGS destroy 17 000 000 $ of PTS value.
Since AGS started, roughly 1 BTC = 107 AGS, so 2 000 000 / 107 = 18 346 BTC
AGS market value : 18 346 * 836$ = 15 300 000 $
So AGS market value is roughly equal to PTS destroy value. So the market is irrational? mmh, not sure about that.
Basically, I3 operated a wealth transfer. They took 50% of PTS wealth and give that to themselves. Talk about the Fed...