The biggest difference I guess is that to raise $120 million through shares would have cost us 1.2 billion shares at .10. That would have put us at 1.565 billion shares which would have eaten up a good portion of any award using the figure of 1 billion. We would only end up with .50 a share.

Both sides are correct in this new debt will cost us more money than a regular debt financing. That option probably wasn't available when we had a gun to our head.

Like I said earlier we will know by the end of the month the cost of this debt. I have no doubt the debt was all pre sold.

JJ