No, but I'll squeeze it in there. I have an Excel workbook into which I've copied many of their financial statements from SEC filings over the years. At this moment I'm tinkering with the statement of changes in stockholders' equity. I'm looking at the effect of hypothetical forced exercise of all outstanding options (whether actually exercisable now or not) and warrants that I can track down in order to give VNX as strong a balance sheet as I can conjure. These adjustments I'm backing up to 12/31/05, and no consideration of Q1 2006 operating results is being attempted. In short, I'm probing the upper limit of the potential strength of the balance sheet, using assumptions favorable to the company when in doubt.
I just updated with extremely rosy assumptions about stock options, treating them more like company put options than their holders' call options. The $400k I'll let slide, not because it isn't due but rather because I'm trying to make assumptions wildly favorable to the company (like the exercise of options at $50/share...) to see just how strong a balance sheet I might, by a stretch of the imagination, be facing with my short position (of 42k shares).