My numbers did not include restricted cash, only "cash and cash equivalents" and "short-term investments". I left out restricted cash since, well it's restricted. Using this same method puts XJT around $140 million. XJT has considerably more restricted cash than either RJET or SKW, with over $38 million, giving them around $180 million total. In case anyone is curious, SKW has $14.7 million in restricted cash, and RJET has $4.7 million.

The Auction Rate Securities are tying up a large portion of XJTs cash, and are a big variable in the liquidity picture of XJT. If the market continues to deteriorate they will be worth even less than $50 million. However, if the market recovers then XJT might be able to recover the full $65 million they invested (and make a nice profit from interest earned on the ASRs).