While I do not like the chain of events that lead us to where we find ourselves today . . . such as Mel believing that the Feb converts would "price-thru" (see the Faber interview) . . . or not taking care of refinancing the debt "sooner rather than later" . . . the reality is that without the cash infusion by Malone, the stock is probably worth ZERO.

So the 40% ownership interest "gifted" to Malone is really value that HE created. Without his loan the SP is $0.00; with his loan, the SP on Friday is $0.145. So . . Mel didn't really give ANYTHING away . . . there was nothing to give.

As to dilution . . . it is already baked-in to the SP and has been since the Company first announced the vote to increase the share count . . . the market has already discounted for this and (IMO) then some. It was already widely accepted that, even before Malone or Ergen came into the picture, the newly issued shares would be used to pay down debt. The dilution issue is a dead-horse . . .

EBITDA . . . that's IT! Show me the EBITDA!