ACG............If the shares from the CD liquidation were instantly negotiable with the market values...your calculations appear reasonable. That said, the shares from the CD liquidation (if presently occuring) cannot be traded on the open market until the Fall of 2007. Thus, I believe only current shareholders with shares from the O/S can sell at any time prior to the Fall of 2007. This retains the O/S as being uneffectuated by any CD liquidation (if presently occurring).