It really does not matter because mathematically the operations cancel.
If you use a higher number to begin with than the value is less per share, however the impairments are also less per share.
On a per share basis the result ends up being the same...
There is no way around this fact: Of the first ~1.2 Billion in company value, Leucadia gets 80%+.
Leucadia also essentially controls any move of any significance this company can make.
FXCM inc. is tied up by Leucadia, very neatly, waiting on Leucadia's whim.
A higher share value is only worse for shareholders, and decreases value per share, so by all means, include the Holdings convertibles.
That is more accurate in the end.
Sooner or later every bottom feeding flipping day trader in the world who bought in the hopes of getting rich is going to realize, they don't know more than Citi.
That they didn't take a long hard look at the loan agreement.
At that time there will be a sell off here and it will be deep deep red.
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