Exactly, they have $5mn over 8 cents= +60mn shares that they will own even after the company starts paying down the interest post TSA and other sales. These shares will be included in the buyout calculations as simple as that. DMRJ knows that buyout is the only way that they can get paid for these shares. They are smart enough to keep a balance and sell some of the shares that currently come in every quarter as the company does not pay the interest. Even at a refi scenario this will stay not change. Therefore, fully diluted share count is the only valid metric in here to calculate the marcap and even with that this stock is very cheap if you believe that they will make 45-50mn revenues in FY 2016 and further growth afterwards.
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