. >> the license here is not f un gible. to my knowledge it is worth 400 to $500,000. it has liqui liquiddity. >> this is not a transferable license. >> it has operated as that exactly before 2015. >> did they re-write the law in 2015? >> why woul somebody want to bua license? >> they can't. in 2015 they made restrictions on the sale of licenses. people are buying. >> you can only have so many in a given district. >> you can't sell it unless you have owned it for a certain amount of years. they made arbitrary restrictions which devalued the transferable value. >> right. understood. like a liquor license -- unlike a liquor license. >> let me ask you a question. even if let's say all 739 retailers decide to pull out and they say if we can't sell e-cigarettes, it has no value. it seems like a stretch. let's take it to the extreme to illustrate the position here. if the city agreed to refund the application fee and refund the annual fee, the last annual fee that had been paid as a mitigation measure, the exposure is financially to the city is $255,000. i guess the question