djje, If the smarts were used by the NOT board they should have taken this financial facility of $15M as a "LINE OF CREDIT". This way they could have borrowed funds against this line only as needed. They would thus only be paying, interest or repayment in shares, on the amount borrowed at the time. The way it is they pay on the global amount. I would imagine once they have these funds that they set up such a line with another lending institution then take the cash and repay the original lender. Don't know if this is possible or makes sense but it is a thought. Comments? the deputy