Maurice and all,
From Readware's comments,
"So, if one states Globalstar will earn, e.g., $15/share in 2002, you do not take 29% of that and say that is what the owner of the publicly traded shares gets. His shares get $15/share, just as the shares of Globalstar Limited Partners gets $15/share."
He is correct in this calculation for sure. Or an alternative way to do it. Say, G* project earned net of $1.8 billion in year 2002. Total outstanding share for G* project is 116 million.
1.8 billion / 116 million shares = $15.5 / a share.
So, every shareholder is entitled to a $15.5 a share net profit. As for 29%, it reflects the number of shares of GSTRF in the relation to the total number of outstanding shares (116 million shares) of G* project.
Say, 30.6 million shares / 116 million shares = 26.38 % (the calculation has to include some other diluted shares to reach 29%, I do not have the answer)
However, one can also use 1.8 billion * 29% = 522 million (GSTRF's portion of net profit)
And, 522 million / (116 million * 29%) = $15.5 / a share
Brian H.
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