Swap,I think it's a stretch to say we've overlooked the value of...

Swap,

I think it's a stretch to say we've overlooked the value of the service business. Or did you mean the market and or the lenders may have overlooked it?

Many of us (though not me) have posted rigorous calculations on a D2E swap and I think you and one other (reggiemiller?? but can't recall who for sure) were the only ones that factored in the value of the services business at $2.23 per share in the D2E swap.

I also point out with respect that buffett ommitted the vlaue fo teh services business in his calculations. If so, he is correct in that the value per share to existing holders is effectively an annihilation.

I honestly don't know if this is reasonable of not to include or exclude the services busienss from calculations.

Would the banking syndicate allow for the services business to figure into the calculations? Intuitively I agree with you in that they have a floating charge and therefore a vested interest in the value of the service business and can therefore NOT discount it's value to zero.