Initially, we are allocating $6 million from our budget to the joint venture.

I'm pleased for the joint venture because I was obviously a part of the organisation,

Even at a $200 million I.P.O. valuation, if you can get it, you're not getting anything like venture-like returns.

Spinning it off kind of just gives the problems to your shareholders, and a joint venture really doesn't do much for you. The optimal plan would be to sell it and use the cash to reduce debt.

Even at a $200 million IPO valuation, if you can get it, you're not getting anything like venture-like returns.

Its better for it to be a joint venture the Legislature can take credit for along with the governor than to be blamed for being the people who stopped it from being put on the ballot.