RE:RE:RE:Dhx
That quick back of the envelope calculation is a liquidation valuation or what most value investors look at for margin of safety (unless you're valuing from an earnings perspective, which you can't really do here). So if you bought the whole business for 838M cash at today's prices (EV: debt plus market equity: 476M + 362M = 838M) and sold the remaining peanuts for 237M, you would be left with a net 601M investment. I think the debt is actually trading at 85 cents on the dollar too, so perhaps Fine is buying the debt as well. If you liquidated the remaining assets, could you come up with 601M? If you could sell the remaining assets for 1200M, then you have a margin of safety.