Vintage--where have you been? DM owns some 56% and the buyer knows their B-O rubicon and mgt. option rubicon range and HOYR. at $1.8X a share.
We also know Bolduc The Great valued it at $500M at 115M fully diluted. These are lines on the table that must be crossed or the train goes off the track.
Valuing the company on current business and you get a dismal TR like EV.
Trying to value the company on forward look/potential is where it is at and we thank Smith's-1St Detect for upping the forward look EV greatly this past two weeks.
TR- EV80M/190M sh= .42$ ( pretty dismal prediction, in the rear view it looks like a drunk guess)
DM convert line, min, $1.20/sh=$228M-EV
MGT. option line, min, $1.50/sh= EV$285
Bolduc EV $500M/190M sh= $2.63/sh
Percy EV$550M/190Msh= $2.89/sh
Now, if you have leverage, let me know what that is...because these LINES form the framework for the deal. On one hand, DM is NOT going to roll over and will continue to back ISC, on the other hand, timing for all the leverage ISC has is right now, not next week. NOW.
I think the deal is done, today points toward confirmation,the share price should rise to about 30-80% BELOW B-O price per share. One telling aspect has been L3's stock rise...not sure what the fundamentals are that change that but adding more revenue for a piddling amount of shares paid to ISC owners is pretty smart business.
Would I like to see $9.50/share? Sure. Do I have a way to REQUIRE THAT...?
