BDAZ, thanks for the clarification, as usual very helpful.

KBC, I agree with the points in your post.  I am glad management is, I am assuming, waiting until they feel the time is right to do the financing which they have been talking about for months.  I am however very frustrated that 1) management is talking instead of acting, why not wait and just talk about it once the financing is done and 2) in the past year and change their estimated EV has gone from $125MM to $500MM back to the current $350-$375MM.  What is it? talk talk talk.  The financing, if and when it happens, should give us an idea of what Zenith is actually worth.  Hopefully it will also signal an end to the dilution of the RVX preferreds which Don promised long ago.