a difference a day makes, page-42

mrbuffett

>GBG and Ansteel have both given KML $30m. Ansteel are going to give GBG a further $30m. So Ansteel will have paid $30m more than GBG. Ansteel will get 4.51% of KML if the $30m is not repaid to them by GBG. 4.51% of KML is effectively 9% of GBG and they have only paid $30m more. 22c per share.

I see where you are coming from. let me state the situation in a more straight forward manner: you can refute or agree one by one:

1) at day one, ansteel put in $60 m (30 + 30)
gbg put in 0 (30-30);

2) at 12 months time, assuming gbg does not pay $30m
ansteel get 4.51% of kml;

3) 4.51% kml =$60m values gbg at $665 m or 44c per share