Arbitrage Opportunity, page-16

@breadwinner1: Haha... check your numbers mate. They provided US$400m (A$500m) of value (in debt forgiveness, interest writeoff and future interest reduction) in exchange for the 24b shares.

Do the maths... that's about $0.02 of consideration for the 24b shares. Hardly desperate since they gave the 24b shares... to themselves.

In fact, they were desperate to not let anybody in on the lowball $0.02 scam. First Pacific Partners had to fight tooth and nail in the NSWSC and threatened to go to the HCA, just to get a piece of the $0.02 equity pie free-for-all.

To put it mildly, the KordaMentha and KPMG reports were an underhanded attempt to make Centerbridge et al's offer look palatable. They are backward looking and based on extremely pessimistic assumptions.

The market is forward looking, not backward looking. What matters to current and perspective holders is where BLY's earnings go from here on out, not what happened in years past.

If you really think BLY is overvalued then you should sell! =)