The irony is that EVEN in the good scenario IMF - BENTHAM will...

The irony is that EVEN in the good scenario IMF - BENTHAM will NOT be capital constrained by 2020! i.e. sufficient Free Cash Flow is funded or internally generated to provide the entity's liquidity needs.

Just!

If that be the case the Fortress SPV will be superfluous to the needs of IMF-Bentham.

!

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That however is based on IMF-Bentham's WACC to Dec 2016.

I have remodelled the SPV and parsed it out of IMF, and then run the two entities as two separate financial entities.

This so as the Weighted Cost of Capital in the SPV will be perforce higher in the Fortress SPV than that in IMF-Bentham's.

This is a value diminishing exercise. i.e. Value is diminished in the BAD, OK, GOOD expectations.

only in the FANTASTIC(!) scenario - i.e. Gross Revenues in the mid $350 m does the Fortress deal come into its own, and figures are sufficient to bolster operational outcomes that would be otherwise denied with a lack of operation capital or liquidity.

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