Sunday, April 21, 2013 4:21:30 PM
IPO price $20. $20/13 = $1.54/old common share
Capital Trusts Payout = Payout $74,730,000 yearly until called & $336,285,000+ cumulative payment
$25 Nominal Preferred = Payout $158,383,600 yearly until called & $712,726,200+ cumulative payment
$50 Nominal Preferred = Payout $26,190,000 yearly until called & $117,855,000+ cumulative payment
$1000 Nominal Convertible Preferred = Convert to 300,000,000 new common & $2,092,500,000+ cumulative payout
Post Split Old Common = 53,000,000
Required New Common Share = 353,000,000
IPO Common Shares Total = 530,000,000
Market Cap @ $20 = $10.600.000,000
Net IPO Proceeds less: Required New Common Settlement = 177M x $20 = $3,540,000,000
Required Capital for Preferred Cumulative Payments = $2,923,081,200+ interest
Net IPO Revs Total = $616,918,800 less cumulative payment interest & fees
Doesn’t the deal finance itself?
This analysis uses natural numbers to solve problems for creditors as a starting point for any settlement analysis. It makes no provisions for other settlement issues such as the POR, court decisions & execution, market economics, other debt, assets, cash flow, and post-bankruptcy business plan & operations viability that contribute to the bankruptcy resources to be settled.
It will be interesting to compare this with anything that ultimately gets settled for creditors by the Creditors Committee, Estate & Courts, if anything.
Why should this plan be executed?
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