Aug. 27 at 1:29 PM
$BHR
Advisory termination fee:
$480 million
Less advance payment credit: –
$17 million
→ Net advisory cost:
$463 million
Plus cancellation fee:
$25 million
→ Total advisor-related costs:
$488 million
Adding in the financial obligations:
Total obligations = Debt (
$1,172M) + Preferred (
$473M) + Advisor costs (
$488M)
=
$2,133 million in obligations that must be satisfied from proceeds.
Value remaining for shareholders = Total Sale Proceeds –
$2.133 billion.
Am I right? If this is correct, I am slightly concerned if we will get much more than USD 150-200 Mill proceeds. How can this be legal that a advisory fee is higher than the net proceeds?
