Joe will be in essence just another toxic debt holder who can make a bunch of $$ even in trips by buying at his discount. You are right, he's no dummy. He will do well. The S-1 is just trying a fancy way of basically saying more toxic debt. That is this company's real problem with remaining an ongoing entity. I suspect within a year we'll see a new product, new people, and maybe a new ticker symbol. Then the process begins anew. JMHO though