'fung_derf' Re: The dilution comes previous to the issuing of shares. ?????? I am not understanding what you mean. If you dilute shares in the market - you must sell shares from the A/S (into the market). Thus you are increasing the O/S. -------------------------------------- Re: Again, shares do not have to be created in order for a merge to happen. Yes and No Yes = When there is a merger of two companies. No = when there is an aquisition of a comany. We are discussing a Partnership - not a Merger. Partnership Interests are paid with cash and/or shares of the company.