I agree, and since ADIT ipo will fund ADIT's operational costs, TARM can use their own money for TARM operational costs, that is, TARM will not have to their own cash to pay ADIT operational costs.
If ADIT IPO nets $5million for 40% they sell to investors, the remaining 60% owned by TARM should be worth $7.5million on TARM books. Although it seems too bad TARM can't just keep 100% of ADIT, but if ADIT does increase its share value over time, then ADIT, TARM and TRGD shareholders should all benefit from the increased share value of ADIT.
BTW, despite my skeptical nature, I'm trying to be optimistic here.
'peeker
Ring Nebula (2,000 light-years away; WOW! Think about that!)