Like yourself, I too thought that the untraded shares didnt matter and
didnt affect the valuation. However, I've changed my thinking to agree
with Mr Big. The only thing is, since we don't know how many class B
shares exist, I can't figure out how much dilution there could be.

After comparing Berkshire to K-Swiss, I realised a couple of things.
- Both share classes are tradeable, it's just that monst companies
dont.
- If both are tradeable, there must be a value associated with the
untraded shares
- The untraded shares, like the traded shares, are entitled to the
company value.

Basically, it just boils down to the fundamental question. "Is this a
high quality company?"
If the answer is no, move on, it doesnt matter whether it is a dual
class stock or single class stock.

cheers,
www.oldschoolvalue.com