This has become a much more complicated maneuver than a simple spin off. If you read the transcript of the conference call, John Barry indicated that PSEC needs to be paid for the spun off assets and that there will be some type of rights offering to existing shareholders. So be prepared to pay for your new stock or you will be diluted out of your rightful share.
John Barry - Chairman & Chief Executives Officer:
Hey Jon Bock, let me help you here, okay. I have three things I wanted to comment on that you asked about and I couldn’t get a word in edgewise. Number one, there are many methods, strategies, structures for spinning off assets to share holders. We haven’t decided definitely on one. I used the word rights offering, globally, that’s not any specific – I don’t have any specific structure that I can convey to you right now. So were I to attempt to describe the mechanics of how we intend to spin these assets off to shareholders on a leverage neutral basis, I’d be getting at ahead of myself.
John Barry - Chairman & Chief Executives Officer
Jon, you are on our wavelength. We believe we had several routes to achieve and we haven’t yet decided exactly which one we are going to take. There is some work to be done. I can’t whitewash the factory.
We are not finished doing the work, but at the end of the day it’s our intension and we believe we can achieve it, is to have the spinouts put value in the hands of shareholders at a higher, per share valuation mark than where they are now (a); ( b) be NAV neutral and (c) be leverage neutral. And when we have got all the jigsaw pieces getting together in the puzzle and we have a few but not all, we will be ready for prime time and you will be one of the first to see it. I know you will be watching your computer for the instant update
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