Captain, This happens all the time: A smaller established and reporting company borrows the money for the acquisition. The new company is collateral and the new revenues figure into paying the loan. Only thing is when lenders fund an aquisition like that they tend to media pump the new company heavily with their own funds to protect the loan. JT would still be free to finance the buyback with personal funds or whatever at these prices. Amex would be a cinch at that point. JMHO.