Can Someone Explain This:
Ok, when I first saw this I thought "Hey, cool I'll buy this for 5 cents tomorrow and make a killing". Then I looked a little closer. Where are the bonds on this statement that you posted for the court? According to the 10Q for period ending 3/31/2010 there's 1.649 billion in bonds (if I read it correctly...pasted below). I don't think this balance sheet you posted shows the bonds which total $1.649 billion. So, $1.649 bonds - $.246 Stockholder's Equity = $1.403 billion deficit. Buyout is less at $1.375 billion..so nothing is left over for commons. I really want this too good to be true deal to be true....please show me what I'm missing or if I've made a mistake!!
www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7398932
Note 9. Long-Term Debt
TerreStar Notes
.......
Until and including February 15, 2011, interest on the TerreStar Notes is payable in additional TerreStar Notes on each February 15 and August 15, starting August 15, 2007. Thereafter, interest on the TerreStar Notes will be payable in cash on February 15 and August 15, starting August 15, 2011. During the six months ended June 30, 2010, $63.3 million of interest was converted into additional TerreStar Notes in accordance with the indenture. As of June 30, 2010 and December 31, 2009, the carrying value of the TerreStar Notes, net of discount including the contingent interest derivative and accrued interest, was $857.1 million and $791.9 million, respectively.
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