"So effectively RNY has increased net assets by $51.5 - $43.8. =...

"So effectively RNY has increased net assets by $51.5 - $43.8. = $7.7m x 75% $5.775 or 2.2cents a share. slightly less if you value the new joint venture at cost $500k at nil"

I think we are on the same thoughts on you above statement

And then dalag would you not have to add back as an asset the 7.8% interest RNY would now have in the 43.8M worth of property and on the debit side the 7.8% interest RNY would have in the new revised A note of $27.4M covering the said property ?