Just a little more to prove the point on valuation

Just a little more to prove the point on valuation. Delta trades at 45 per share on 755mm shares outstanding. They have 6 billion in LT debt and 14 bill in pension costs. At 800 million shares that's almost 25/share impact. So without those costs, they would be 70 per share. Baltia will accumulate pension costs but done right, it will not be a debt to the company. They will incur lease commitments which will impact, but as they grow. Therefore an efficient airline may be more productive and have a value premium added. There is no reason that when mature, this could not be tens of dollars per share as well.