Ian, I have total respect for you and my heart goes out to you because I find myself in the same boat as you as to investment performance. Also, I am sick of management and their greed. If I correctly understand your numbers, you start with $700 million. You subtract $200 million for debt to creditors leaving $500 million. You then state that "Despite that, I believe our cut as shareholders after expenses and the DIP lender cut plus management cut is 35%." So you take 35% of $500 million and say that leaves $175 million for shareholders. $175 million available to 365 million shares equals your $0.48 a share. The problem with the math is that the cut for shareholders is not 35%, but rather 55%. After expenses, management is going to take approximately 10% (up to an award of $700 million) of the award and the DIP lender is going to take 35%. 100% minus 10% minus 35% equals 55%. It makes a big difference in the math.