Goose vs chicken:
If ISC is worth $286m, according to your calculations in the sticky, PP would get $40m plus approx 100m x 1.20 = $164m , if I'm doing the math right on their portion of the shares (ie 200m less around 80m for common shareholders, less the 20m you estimated management would get).
If PP took over in a BK, and wiped out shareholders and paid off BAM for $20m and got the IP, couldn't they then sell for the same $286m? If so wouldn't they net around $286 - 20(to BAM) = $266m instead of $164m - more than $100m more?
I want to be wrong here, so if someone would please tell me I am, and how, I'd appreciate it.
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