As the Disclosure Statement describes in detail, Blackstone reviewed and
analyzed numerous aspects of the Company when it estimated its Enterprise Value. These
included the Company’s historical financial information, its internal and projected financial
operating data, economic and industry information relevant to the Company’s operating business,
and numerous other studies, analyses, inquiries and investigations as appropriate. (Discl. Stmt.
149-50.) In estimating Enterprise Value, Blackstone applied standard valuation methodologies,
including a discounted cash flow analysis, comparable company analysis, and precedent
transaction analysis. In addition, Blackstone valued certain of the Company’s other, nonoperating
assets separately, including: (a) tax attributes at each Debtor/Applicant; (b) certain
litigation claims; (c) miscellaneous timber assets; and (d) other non-operating assets. Blackstone
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also relied on management’s financial projections for years 2010-2014. Based on these financial
analyses, and solely for the purposes of the plan, Blackstone estimated that the Enterprise Value
of the Company falls within a range of approximately $3,500 to $3,850 million, with a mid-point
estimate of $3,675 million, including the value of tax attributes expected to be available to
Reorganized ABH. See (Zelin Decl. ¶ 41.)
148.
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