Yes, that is correct.
But is the outlined succession order correct? The male descendants in the male line of King Frederik VIII, excluding those of his second son (Prince Carl, who accepted the throne of Norway as King Haakon VII), followed by the male descendants in the male line of Prince Valdemar, followed by the male descendants in the male line of Prince William (despite accepting the throne of Greece as King George I)?
I've always found it interesting that despite being genealogically junior, members of the Greek royal family -- but not those of the Norwegian -- have retained their Danish succession rights, and even been styled as princes and princesses of Denmark.
Yet, on the other hand, their genealogically junior status might be the precise justification for this: after all, the Greek royals expected to -- and have -- been far displaced in the Danish succession, with virtually no chance of ever inheriting the throne.
The Norwegian royals, on the other hand, would have been within striking distance of the said throne, had they not been made to renounce their rights. After all, they descend from King Christian IX through the second son of his eldest son. History has shown us that succession passing to such a line is not entirely impossible or implausible. Recall, once again, the man we know in history as King George V of Great Britain ...
Yet another factor to consider (this is my own personal take) is the volatile history of Balkan politics, and the unstable throne that King George I of Greece found himself on. All you have to do is observe what happened to his predecessor, King Otto, deposed in 1862 after a 30-year reign, as the sole sovereign of the house of Wittelsbach.
There was always a chance that things would not quite pan out for Prince William either, in which case he just might have found himself coming home to Denmark crying (just as Prince Otto had come home to Bavaria), and attempting somehow to assert his and his descendants' status as Danish dynasts.
The question is: was there, or was there not, a renunciation of rights for the Greek royals? I can only imagine the messy situation in the hypothetical scenario whereby the Danish succession DID, in fact, pass to Valdemar's line because the dynastic male line descent of King Frederik VIII became extinct -- which like I said would have been a possibility, given the renunciation of rights by the Norwegians.
The situation might have been somewhat comparable to what we have observed in the Boubon-Two Sicilies controversy ... Whenever a succession attempts to pass over an older brother's line in favor of a younger brother's, one is in for a real mess ...
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