Financing The stock declined on news of the recent financing but came back stronger than ever. It shouldn't have gone down in the first place, it should have risen on news of the financing. If we can sell shares at 15x cash flow and Nolan can re-invest the proceeds at 2x cash flow, or 3x or 4x, it only benefits existing shareholders as the new higher cash flow figues per share generate a higher stock price, and then the process can be repeated. again and again. The stock selling at the level we're at, share offerings are not dilutive, they are anti-dilutive.; and the more expensive the stock becomes--exagerating the difference in valuation between ourselves the entities from whom we stream--the less you should want to give it up, at least theoretically. When investors realize that, when the stock goes up when a financing is announced, that's when we will have arrived.