Metev Equity Question #4 - Enterprise Value Adjustments

I can understand why to find the value of the Equity you’d want to take the Enterprise Value and add LT debt to it, but why wouldn’y you include the Notes Payable which is ST debt? That makes no sense to me so if anyone can explain it’s much appreciated. If a company is trading in the market at $100 million market cap, if they have $20M of ST debt you can be SURE that if that debt wasn’t there that market cap would be considerably higher!

Does anyone have any answer for this? Got it correct but only after assuming they didnt include notes payable. They are still debt why would that not be removed to arrive at the equity value?