Goodwill, all $4.13 billion of it, represents 64.3 percent of assets.. This doesn’t look quite like your typical profile. The best candidate for comparison is Epicor, also acquired via debt – Epicor’s goodwill of $829.5 million is 33.1 percent of assets. Debt, of course, has a P&L impact. Infor had $110.4 million in operating income for the third quarter ended February 28. That was reduced by $110.4 million in interest expenses. I suppose if your primary interest is pay debtholders, that is not such a bad thing. The debt numbers provide a better background for understanding last year’s combination of GGC Holding with Infor. As noted in the last newsletter, investor funds forked over $325 million contributed as equity to Infor, and $225 million used to repay a portion of a term loan from Lux Bond Co. Lux also forgave $344 million that Infor owed it and this was contributed as capital. You would have to assume that a public offering would be very helpful in whittling down the mound of long-term debt. I would also assume the same is true of Epicor - that it will return to the public market.