Yes, it will be appraised value. Looks like we're good in the equity dept anyway, I reposted the DR license valuation- it's good for $36 million, back then. But he might have tougher job convincing the USDA with using foreign licenses as equity. So if he snagged another property, looks good, and I don't blame him at all for not mentioning it, if that's what he's done, until the papers are signed. Guess owning a number of office spaces beats collecting $3.3 million in cans to recycle.