You're taking a very simple situation and adding all kinds of unneccary variables and nonsense to it in order to try and prove a point.

First of all, it's no secret that we got money for the shares we handed out. That's how financings tend to function...it didn't take a genius to point that out but thanks for doing it anyway.

Secondly, what the heck does the date that a takeover takes place have to do with my example? I gave you an example, albeit an oversimplified one, of why the amount of shares any company has out will affect the amount that each shareholders gets in the event of a takeover. It's grade 2 arithmetic and it doesn't matter what time of the year the takeout happens! This was a hypothetical situation and the $500 million had nothing to do with how much fancamp is or isn't worth.

Listen, the fact is that you said dilution doesn't matter in the event of a take out. I proved that simple arithmetic says otherwise, whether you're talking about fnc or anyone else. You're trying to overcomplicate what is a very simple situation: mgmt made a boneheaded move at the expense of us retail shareholders! Period!