Ok! If this transaction is actually closed I'm just trying to anticipate how it will be recorded on the balance sheet.... I'm not an accountant but I see the loan as a liability and the note as a liability so basically $200 million assets and $195 million Liability and another 100 million shares does not do much to increase the book value of the stock. However, nothing I have stated changes my mind as to the fact this company is worth a great (GREAT) deal more that it is currently trading.