Unless he wants to be the laughing stock of the NYSE he would have to reduce the AS to what ever the Marriott Hyatt or other hotels are. Don't think his hoteliers would be impressed with a large AS. That,s a sign of weekness about his brand and not a good look. If it s 2 or 3 hundred million that,s what I would expect 1/3 for insiders 1/3 for him and team and 10% for us little people. Some where in that range. Would have to study what other hotels do. He won't give us the keys but he is taking us to 4 Bucks from what I have seen. And the people he is in talks with. Just my opinion. Who knows. Think image is front and center at this point. Lot,s of haters on what he is doing in the hospitality industry.