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Re: armstka post# 388696

Monday, 02/20/2017 9:35:34 PM

Monday, February 20, 2017 9:35:34 PM

Post# of 796414
Annual net income = $12B -$2B (for preferred shareholders) = $10B

Case 1: # of shares after 80% dilution because of recap & junior preferred to common conversions (warrants invalided) =1.2Bx5= 6B

pps = ($10B/6B) x 17 = $28

Case 2: # of shares after 50% dilution because of recap & junior preferred to common conversions (warrants invalided) =1.2Bx2= 2.4B

pps = ($10B/2.4B) x 17 = $70