Imagine, do both classes of P's have a par value of $25?
If so:
57,600,000 Preferred's @$25 = $ 1.39 Billion
213,000,000 commons @X = X
Let's hypothetically say P's were made whole at 1.39B to commons, then for every additional $213M after, it would make commons worth $1 if you assumed the stated value of $1B that is being implied or a sale that brought in substantially more. When people say things like $7 a share, it'd have to bring in around 2.9B for that kind of price for example.
Or
Let's use the numbers being bandied out in filings which is close to 1B in equity currently. If an EC is formed and let's say they work out a 75/25 split on Ps and Commons, that would leave $250M to commons or $1.17/share
I think it's fair to say the floor is somewhere near that number of $1.17 assuming an EC is formed, CODI is dropped, and the value of equity is $1B.
Any thoughts?
