Asset calculation discussion
No problem lets figure out what the numbers are as close as we can. Where do you get the 7.55B from? The assets are basically just the cash/considerations from the sale to Transform. I don't know if there is much of anything else that adds up to much. Until they issue a new balance sheet its hard to know exact the dollar amount that they took off the balance sheet as part of the sale (so then you know what remains). The NOL's are $5B but the value of them is only $1.5B because they reduce taxes and at the max of 30% tax, the value depends on your corporate tax rate really. The value is the tax savings you get from using it. So $5B x 30% = $1.5B actual value. Obviously all things being added up make a difference and the question is do those things all add up to $11B or not. If not then SHLDQ is worth $0 and if more then whatever that value is divided by the # of shares. Really that is the whole thing anyone here should be trying to figure out. Even with your $7.55B plus the $1.5B NOL it still only gets to $9B. I just don't see where another $2B comes from (there just are no other assets). If any debts get reduced that goes straight to paying other debts it would never get to the commons. Commons only see something if all debts are fully satisfied. There is also a pecking order for the debts.
As for bad PR, I really don't think he would care an iota about that. The good PR is he saved 45k jobs and kept the company going. No one really cares if creditors get paid (well other than the creditors of course). He isn't just going to do things out of the goodness of his heart. If a few buddies got screwed then oh well. Just because they are in business to make money doesn't mean they always do. They take stock and other losses all the time. Cost of doing business.
As for Eddie wanting the NOL's I can see that but you don't pay $6B or $4.5B to get $1.5B (if anyone does then I will happily do that trade for any amount). It may be a moot point anyway since the NOL's may have been part of what Transform got. That part I can't figure out either way. The other question is how do you even get them out cost effectively. Maybe someone figures it out but it still only adds $1.5B to SHLDQ and its just not enough.
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