tender related buying, page-5

TEN is trading on an EDITDA mutiple of almost 10. Austereo mutiple almost 9. MSCM also does not have a bankrupt major shareholder.

The MMG experts report, uses a multiple of 8- hard to argue that number is too high when they are not a forced seller. The experts report is designed to get people to sell their units- MQG are not selling their 21.8% BEEFICIAL interest. MQG will beneficially own over 30% after the buy-back. They want the valuation of the assets as low as possible, in order to facilitate the buy-back at the lowest price.

I agree with prior comments that eventually MQG will take out the minority shareholders. If they can do that for an average of $1.50, MQG get $1.50 per unit and both businesses for nothing.