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"Additionally to $1 cash CLL has $2.50 in debt for every share issued which would indicate that for every share you hold you own $1.50 to CLL debt holders."

This is true, but you conveniently left out of the equation the following,,Proven oil reserves, unproven oil reserves, Montana refinery, Luke, it's share of PDP and all the buildings and machinery associated with POd 1 and the half complteted Algar, which according to 2009 Q1 is worth 1,036,469,000 ( or a little over 1 billion for those that don't like counting zeros)..

Then of course we can count, existing inventory, account receivables , prepaid taxes etc,etc, etc.. ARE WE GETTING THE PICTURE?

Physical hard assets are more than the debt so it balances out...CASH IS CASH..