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Non-Tech : Golden State (GSB) formerly Glendale Savings
GSB 9.4800.0%Aug 28 5:00 PM EST
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To: idefer who wrote (31)6/7/1998 9:23:00 AM
From: Chuck. Edwards  Read Replies (2) of 75
 
idefer, you left out a factor -- the value of the award is reduced by the company's corporate tax rate (currently 42 percent).

Calculate as follows:

$1 billion/85 million = $11.76

11.76 x 85 percent of the award = $10

$10 x .58 (the reciprocal of 42 percent) = $5.80

I still think that the warrants are a good deal, but not to the extent set forth in your original example.

I posted on this subject at much greater length on the Yahoo finance message boards.

regards

chuck edwards
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