SS you must be reading frog on RB. To be honest I am not sure I understand your question. Lets say we own 50% of Bio---just to keep it easy. If the IPO raises $40M then that is what our half is worth. What we paid $25M for just became worth $40M. If we merge the value of our stock would be determined by the exchange rate of the merger not the market. I must admit I dont understand the money movment you talk about. If the IPO raises $40M then our half is worth the same. That would raise our over all value. The stock price of DNAP should reflect that. Is this as clear as mud?