As you say, Jilin will be buying their own product using Liberty as the conduit. Do you know if these purchases will be based on the old Jilin purchase agreement, where by product credits will not be given. If so, I believe there was a discount of about a 1/3 to the spot price and no credits. If this is still the case, how does the preferreds and debt get paid off? I guess it will depend on this extra financing. Surely it won't be with equity? So you are probably right it will be some other form of debt financing. Hopefully at better rates.

Thanks in advance.