HearUSA Inc. (HEARQ)

[mrholty]

Looks good. Congratulations. Best article I think I have found.

http://www.bizjournals.com/southflorida/news/2011/08/01/siemens-wins-bidding-for-hearusa.html?page=all

Total Value of $129.3

Cash in the amount of $66.8 million, including the repayment of a $10 million loan from William Demant Holdings that HearUSA used to fund its operations during the bankruptcy.
A credit bid of $30.7 million based on Siemens’ secured claim against the debtor.
Assumption of liabilities and court costs of about $11.7 million.
Waiving the distribution of its ownership of HearUSA stock, which is worth $6 million to $7 million.

Adding this up gets me to $116.2 short of the $129.3. But lets use that. Using only the cash less the $10M DIP gets you to $56.8M. Subtracting out the value of Siemens 6.4M shares from the 45M outstanding shares gets me to about $1.47/share.
$56.8M/38.6 = $1.47

Any thoughts on how my math looks?