RE: The Logic Of Recap... I agree. The SP is telling us that the "min. $35 mil." is just not enough. Had it been min. 50 or min. 75, I think things would be looking radically different. The min. figure quoted is very suggestive of the deal to be done. The phrase "...in the best interest of the shareholders,..." will be severly tested when the details of this transaction comes to light. IMO