It should be the same relatively, Market cap always reflects...

It should be the same relatively, Market cap always reflects debt of a company. Market Cap of BLY would go up if debt was paid off by Income, here it is turned into equity. ( say before swap $1Bil mkt cap, Assets $1.5Bil less $1/2bil debt, net $1Bil) (Say after Assets still $1Bil=market cap but no debt...) But the market cap is still well below before the swap! it also reflects other market conditions, of course