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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (6545)4/3/1999 1:22:00 PM
From: Roger L. Chuchen   of 78740
 
Mike, the following is what I picked out from the 10-K.

On March 25, 1999, CWG shares were sold in an initial public offering
("IPO") at a price of 3.30 British Pounds per share and listed on the London Stock Exchange. As a result of the IPO, CNA will receive approximately 100 million shares of CWG stock and approximately $143 million in cash. After completion of the transaction, CNA will own approximately 15% of the outstanding stock of CWG. CNA will account for its ownership in CWG as an available-for-sale security with a carrying value of approximately $535 million (based upon the IPO price of 3.30 British Pounds).

So, since LTR owns 85% of CNA, doesn't it mean that it is going to receive $576 million or 85% of the $678 million transaction (assuming that CWG remains at its IPO price)?
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