Oh, and by the way, lest you think I don't understand how you defined market cap, I will say I do and it still doesn't matter. It is still not stockholder equity. I am not going to re-read the merger terms because you bring up some far-flung point, but when I did read the agreement, my understanding was that Breitling did not just give away significant interests in it's assets for no particular reason. They had no reason to because Bering was less than worthless. I have forgotten the small bone thrown to the creditors and Bering stockholders to avoid an IPO, but I remember they did throw a few and it really doesn't matter.
