Boy does that beg clarification.
BTW, what enterprise multiple would you put on $4.8 billion of annualized EBITDA for a company with two black eyes and four broken limbs in an industry so deep in a hole you expect to smell brimstone any moment? Consider, BTW, that there are so many lawyers looking over everything the company does that, for once, one might reasonably expect the numbers NOT to be fudged. Also consider that multiples should, very reasonably, be larger on depressed earnings/cash flows than on normal or boom-time numbers.
Now multiply that multiple by the $4.8 billion, deduct the debt - use the $40 billion number just for grins (why are we still hearing a range? surely someone has a figure by now.). Do you get a positive number? If so, then there SHOULD (if principle outweighs greed and politics) be something left for the shareholders.
Still, someone should demand clarification from this guy. Have management and the BoD totally abandoned the shareholders? I know their primary legal obligation right now is to do what they can to make the creditors whole, but they still have an obligation, secondary though it may be, to ensure the shareholders are not unjustly screwed.
Bob |
