I'm new to this HearUSA liquidation situation but wanted to give a summary of my understanding and see if you all agree with the likely outcome. Siemens has agreed to acquire HearUSA's assets with different forms of compensation, consisting of cash, assumption of debt, and a waiver of their stock ownership distribution. With the current market cap of HearUSA at 43M, if there is a simple distribution to shareholders, it looks to me like shareholders could receive around 56.8M.
And with the equity committe appointed to ensure the equity holder's interests are taken into consideration, it would seem they will expedite the process and pursue the largest possible distribution for shareholders.
Are there any other possibilities to the upside or downside?
In the file I'm looking at it says Siemens will pay 66.8M in cash but 10M is reserved for loan repayment to an individual, so i simply subtracted that 10M from what shareholders would get.
Also, will this likely be the final extension? I saw that the Equity Committee allowed this extension but could fight against future extensions.
From my limited understanding, it looks like a cash distribution 25% higher than the current share price by the middle of 2012 is probable.
