It will be great for BCAP to have all subsidiaries of the company running.  The TA, like you said, brings in consistent revenues each month.  This can be used to continue funding the overall operations while the company seeks out new clients to assist going public.  Thinking ahead, having brokerage services would compliment the TA revenues nicely.

I am assuming the funding for these 2 announced IPO's is convertible debt or do you think they are paying in cash?