Extension to Suspension, page-14

If I was SFR, considering TLM MC is $48m (and closer to $40m before the little pre-suspension spike), I would be asking TLM to think of a number for the whole company rather than spending $70m now + ongoing royalties that could amount to a substantial figure. They can always offload Sinclair later to recoup some of the cash. It’s a drop in the ocean for them. And even less sweat if they just print some more SFR shares and the buyout essentially becomes a merger. So TLM holders would get SFR shares. VectorVest currently suggests SFR’s valuation is above $15, so TLM holders prepared to hang on to SFR shares for a few more years might do OK out of that kind of arrangement.