There are three companies: A, B and C.
A fully belongs to B, B fully belongs to C and C fully belongs to A.
Company A has USD 1 mln of cash and no debt.
Company B and C each have USD 10 mln of cash and no debt.
These companies are registered in different jurisdictions, so that regulators couldn't prevent this circle from happening.
My problem is that when I try find their valuation, every iteration the value of those companies increases and doesn't ever converge. What am I missing?