If you pay attention to note 6 in the Quarterly $BCAP should have an absolute minimum book value of $0.010 for the virgin shell. It will be much higher than that based on the report. 10M max from 25M authorized will be offered for sale (equates to about $0.0016/share).

"The entity has 25 million shares authorized and Baron plans to complete a small

equity raise and file an S-1 registration to register no more then Ten million (10,000,000) shares that will be sold with a floor of $.25 per share.

The funds will be used to purchase operating brokerage firms and operating transfer agency services. Since Baron will own over 50% of the new entity the financials will be consolidated and shareholders of Baron will benefit from the operations of its subsidiaries."