Tronox Inc. (TROX)

[wall_street61]

(from disclosure statement)

"If the class of Equity Interests
votes in favor of the Plan, Holders shall receive their Pro Rata share of New Tranche C Warrants to be
issued on the Effective Date pursuant to the terms of the New Tranche C Warrant Agreement, the form of
which will be included in the Plan Supplement. The New Tranche C Warrants will entitle the holders
thereof to purchase 5.0% of the New Common Stock in Reorganized Tronox issued on the Effective Date
(subject to dilution), at an exercise price indicative of an implied total enterprise value of $1.2 billion. If
the class of Equity Interests votes to reject the Plan, no distributions will be made on account of Equity
Interests in Tronox Incorporated."


Got some information missing, ala the plan supplement. Total EV is 975-1,150 million with a midpoint of 1,063. The 3-6 million carries a footnote, and implies value over a 2 year return. The warrants are out of the money using the company's valuation.