TCK's offer would have to be based on the BFS and my guesstimate is that based on a discount rate of 8%, the NPV would be $5 - 6 B. That would mean a sp of $3 to $3.75 for CUU shareholders. If they use a lower than 8% discount rate, the NPV and CUU'c share would be higher and with the low interest rate environment, there is some justification for using a slightly lower rate. This valuation covers only SC.

Valuation for the rest of the properties is a lot tougher and would largely be based on projections with many assumptions. TCK may decide not to take this part and if mgt cannot find an immediate taker, the properties will end up in a spinco and current CUU shareholders will get a piece of the spinco. That I believe could be worth anything from $2 up.

My conclusion is that in total we will get a minimum of $5 to $5.75 for our shares. JMO GLTA!