Some DD showing COMMON equity may be in the money:
This DD is based on the last 10Q's listings of liabilities and assets, and also the cash buyout offer TSTRQ received from Dish Networks. The math should make sense here.
As of the last 10Q: (amounts in thousands)
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7398932
Total assets were listed as 1.401.602.000
These broke down into:
Cash 15,037
Inventories 1,502
Deferred Insurance Costs 2,032
Prepaid and other 7,318
Property and Equipment, net 1,016,765
Intangible assets 353,138
Restricted cash 475
Deferred Insurance Costs 5335
Note that what Dish is purchasing from TSTRQ is probably a large percentage of the 1,016,765, so we can go ahead and add
400 million, the premium dish was willing to pay, to the total assets number.
Now we have 1.801.602.000 total assets.
The liabilities on the 10Q break down into a total of 1,642,947 (see 10Q, or below in this post as I copied and pasted it)
Total assets post buyout - Total liabilities = Free assets retained by TSTRQ.
1801602000 - 1642947000 = 158,655,000
That would be the amount of money (minimum) that equity is IN THE MONEY, as it is possible that the "Property and Equipment" figure I assumed was everything Dish was purchasing may include property and equipment dish isn't purchasing, also.
If I have done my research correctly, the liabilities they have listed on their last 10Q include the preferred stockholders and all debt claims against them. So this cash seems to be what will be left over, total. Of course interest will have built up over time, but I doubt it would have built up to a number equalling 150 million.
That would put us just over $1 per share.
June 30,
2010 December 31,
2009
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 15,037 $ 45,125
Inventories
1,502 —
Deferred issuance costs
2,032 3,342
Prepaid and other current assets
7,318 4,939
Total current assets
25,889 53,406
Property and equipment, net
1,016,765 947,129
Intangible assets, net
353,138 362,304
Restricted cash
475 472
Deferred issuance costs
5,335 6,351
Other assets
— 6,000
Total assets
$ 1,401,602 $ 1,375,662
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses
$ 54,850 $ 42,204
Deferred revenue
24,543 —
Deferred rent and other current liabilities
1,345 1,730
Accrued satellite performance incentives
12,626 19,350
Series A Cumulative Convertible Preferred Stock
90,000 —
Series B Cumulative Convertible Preferred Stock
318,500 —
Series A and Series B cumulative convertible preferred stock dividends payable
29,763 17,447
TerreStar-2 Purchase Money Credit Agreement including accrued interest, thereon
72,622 —
Total current liabilities
604,249 80,731
Accrued satellite performance incentives, net of current portion
7,255 8,062
Deferred revenue, net of current portion
40,000 —
Deferred rent and other long-term liabilities
960 1,429
Deferred income taxes
24,801 23,364
TerreStar Notes including contingent interest derivative and accrued interest, thereon (net of discount as of June 30, 2010 of $48,294 and as of December 31, 2009 of $48,528)
857,059 791,930
TerreStar Exchangeable Notes and accrued interest, thereon (net of discount as of June 30, 2010 of $66,667 and as of December 31, 2009 of $75,000)
108,623 94,729
TerreStar-2 Purchase Money Credit Agreement including contingent interest derivative and accrued interest, thereon
— 67,914
Total liabilities
1,642,947 1,068,159
Commitments and Contingencies
Series A Cumulative Convertible Preferred Stock ($0.01 par value, 450,000 shares authorized and 90,000 shares issued and outstanding at June 30, 2010 and December 31, 2009)
— 90,000
Series B Cumulative Convertible Preferred Stock ($0.01 par value, 500,000 shares authorized and 318,500 shares issued and outstanding at June 30, 2010 and December 31, 2009)
— 318,500
STOCKHOLDERS’ DEFICIT:
TerreStar Corporation stockholders’ deficit:
Series C Preferred Stock ($0.01 par value, 1 share authorized and 1 share issued and outstanding at June 30, 2010 and December 31, 2009)
— —
Series D Preferred Stock ($0.01 par value, 1 share authorized and 1 share issued and outstanding at June 30, 2010 and December 31, 2009)
— —
Series E Junior Convertible Preferred Stock ($0.01 par value, 1,900,000 shares authorized and 1,200,000 shares issued and outstanding at June 30, 2010 and December 31, 2009)
12 12
Common stock; voting (par value $0.01; 240,000,000 shares authorized, 143,417,236 and 143,718,237 shares issued, 139,466,034 and 139,767,035 shares outstanding at June 30, 2010 and December 31, 2009, respectively)
1,434 1,437
Additional paid-in capital
1,305,597 1,292,425
Common stock purchase warrants
— 11,999
Treasury stock (3,951,202 common shares held in treasury stock at June 30, 2010 and December 31, 2009)
(73,877 ) (73,877 )
Accumulated other comprehensive income
2,090 2,300
Accumulated deficit
(1,446,003 ) (1,317,078 )
Total TerreStar Corporation stockholders’ deficit
(210,747 ) (82,782 )
Noncontrolling interest in TerreStar Networks
(30,024 ) (17,925 )
Noncontrolling interest in TerreStar Global
(574 ) (290 )
Total stockholders’ deficit
(241,345 ) (100,997 )
Total liabilities and deficit
$ 1,401,602 $ 1,375,662 |
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