through their senior debt position, they end up with the assets. The debentures are unsecured.

Rattler how do you come up with your purchase price. I'll put mine together next week, in a nutshell report.

Here is a thought on the debentures. Since CLL has $388 million sitting in some type of interest bearing account, why don't they notify the appropriate regulators, file what is needed then buy their own debentures on the open market. They will then earn or not pay out 4.75% on that money. Thus on that portion they will have a net interest payout, which is comfort money of only 5.75%. Then if and when POD 2 gets approved the SP should go up, thus the debentures go up, and they can resell them on the open market when they need the money for POD 2. They will not need it all on day 1, just over the course of the 300 days. If POD 2 is not approved then they don't have to resell.!