Let me put that.

EBlT in this case would be the operating profit plus this investment income.

A man of wealth has to pay a lot of income tax.

And then the company might have made some money there.

Ancillary would be number 2 referred revenue.

And what happens in bankruptcy?

So once again, it's just a loan to someone else.

So its assets.

That assets, A for assets, is equal to

So this is all equity.

Malibu Equity and Investments.

So anyway, what happens in Chapter 11?

I don't want to draw this box.

And rich, eh?

I'll do that in yellow.

It should start to make a little bit of intuitive sense

Malibu Equity and Investments. Roger Van Zant.

What's my current state of affairs?

Obviously , a machine you can't do all of those things to it, but you can at least touch it and possibly smell and taste it.

liabilities plus equity.

And what I wrote here is, it has 4 billion of liabilities.

He is a man of wealth.

He's a wealthy man.

Or across the street from each other.

So the total assets were 5 billion in assets.

You'd have to give up 93 of your net worth.

In a world without leverage so if I didn't have all this

So this is just another visual representation that

It doesn't sound like we borrowed money or anything.

Remember liabilities plus equities are equal to assets.

And at the end of the 10 years it's also going to get 1 billion, right?

Each share in this case once again, if you believe that the assets are worth 1 million are going to be 1 million.

So let's say when we liquidate it so we go into bankruptcy and essentially all of the assets are taken into possession by the bankruptcy court they're going to sell these assets.

But let's say its assets are worth 1 million.

All of the assets needed to start the firm, the pizzeria.

Or they just have a super flush bank account.

Remember, every time it'd issue a loan, like for right here, it issued a 100 gold piece equivalent loan to D and instead of giving D 100 gold pieces from, say, right here, it just created a checking account for D, which later D paid to A and that's why it's labeled A right here. Let me relabel another thing because the gold is a different color just so you see the gold.

But let's just kind of think about a generic balance sheet for a bank.

So 225,000

I guess you could say non cash assets, right?

Are you a man of means?

These are my assets, and these are my liabilities.

And if you look at the species level, you saw about fish.

It was both Communist and Totalitarian.

So one way to think of it is Loan C gets first dibs on the assets.