Global Brokerage Inc. (GLBR)

[Crusen]

Okay. To try and answer you, the terms LUK set up changed the equation.

The value has not necessarily changed overall, well, it probably has, but now instead of the shareholders getting all the value, Leucadia gets their's first and shareholders get the scraps.

It is important to understand this, how the equation has change=Leucadia has carved out a huge chunk of FXCM, forever, at the cost of shareholders.

LUK has real power over the decisions this company makes.

LUK just made a $300 million loan, at roughly 50 million O/S that is roughly $6.00/share.

$225 million is gone, 40% is now written off and the other 60% will realistically likely not be recovered. About $4.5/ share.

If it were worth $15 before that, and say 10 is taken, now you are down to say $5/ share.

If a sale is forced, Leucadia gets the first $300 million.

Leucadia then gets $175 million of the next $350 million

Then they get 90% of the next $500 to $680 million.

At least $925 million of the $1.15 billion goes to Leucadia.

That is the equation now, forever, for FXCM. There is no renegotiating that. It is a done deal.