Zenith already owns the royalty preferred shares but they show as a liability for RVX. Are you saying that it IS possible for a company to do an IPO for only part of the company? Are you hoping that Zenith Corp. will distribute the 34.4 million Newco shares to the 98.8 million currently in Zenith or the 75.2 million in royalty preferred? I'm confused. If you mean you want them to distribute the NEW total of Newco shares after the IPO to Zenith shareholders, I guess that might be another way of looking at it but what then would be left of Newco?? PVLee