Global Brokerage Inc. (GLBR)

[kashix]

Ok? Let's just say you're right... Crusen

We'll use the book value way of evaluation. In the recent 8K, last quarter's equity (pre-snb) was 643M. If we less 300M from that for the loan, we'll get 343M. Ok loan is paid. Now we go by LUK's table of asset distribution. The first payment is 50% of an amount up to 350M. So LUK get's 171.5M and FXCM gets 171.5M. 171.5M / 47M = ~$3.60 per share that shareholders get.

This doesn't take into account the interest FXCM has to pay or whether or not they can pay it off. It also doesn't take into account the fact that pretty much all solvent growing companies sell for way more than their book value.