Trez, long story short, if a buyout came today there will be 2.5B shares outstanding tomorrow when the debtholder conversion gets fully exercised and Rich exercises his Convertible Series D shares. My calculation is somewhere between 2.2B and 2.8B, Rich's PR wasn't real clear on if the convertibles exercise and create 51% additional shares based upon all shares outstanding (increase OS by one-third) or if the Series D gives him 51% of all outstanding shares (doubles the OS).
ICNB only owns 51% of Bellissima, so ICNB shareholders only get half of the $100MM Bellissima valuation. $50MM split amongst 2.5B shares is 2 cents per share.
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