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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: Anyone do the Math

I think I posted this (or something similar) before:

Some simple math:

Award $1,202 million

Interest (assuming the award is realised in 2 years) $300 million 

Deductions:

Post-filing expenses (guess): $10 million

Taxes (this is complicated and will depend upon interpretation of the award as damages, capital gain or income, the interest will be taxed as income - so a best case guess): $150 million

Repayment of DIP loan: $120 million (assuming it takes < 2 years to realise the award)

Noteholders repayment (assuming they don't sue for more): $145 million

Other unsecured claims and interest (guess): $25 million

Total deductions: $450 million

Net Arbitration Proceeds (NAP): $1,052 million

Payable to Tenor (88.254% - but this may be incorrect): $928.4 million

Balance: $123.6 million

Payable against the MIP (25%): $30.9 million (Tenor will make up the difference to 10% of NAP i.e. Fung + 1 get $105.2 million to share)

Balance to shareholders: $92.7 million (6.2% of gross award) 

Per share (365.4 million shares - assume options etc. expired): $0.25 / share ($0.22 if fully diluted)

 

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