Conservative YRCW fair value $.50 Assume full conversion of prefferreds and 4 billion shares OS $200 million more cash from conversions raises current assets to $600 million Net debt (current assets - current liabilities - long term debt) would be about $600 million EBITDA = $250 Million Enterprise value at 10 x EBITDA = $2.5 billion Share value = $1.9 billion or $.50 per share.