RE: New Common Price Your calculation is probably close.
Doing it another way, when one takes the premise the banks and MTN's will not lose, then those holders are giving up $380 for each $1000, in return for 12 common shares. This works out to $31.67 per new common share, or roughly 16c per old common. If the deal goes through as is, I think the old common shares will go to at least 16c.