travelocity's deal for lastminute.com approved, page-17

re: i guesstimate the value of tvl's put for lastm Thanks Stone Pony for your work. This is crucial in determining the current value of tvl. Many assumptions and a difficult job but your logic seems good.

$8.6 million divided by 75.5 million shares is 11.4 cents per share.

If tvl sold lastminute what would they do with this money? Return some or all to shareholders. Can tvl without lastminute make money. It would seem impossible. I think there is far better margin on lastminute than travel.com.au and they would lose 34% of there ttv and a higher percentage of their gross profit.

Do they dont they sell, how much for and what would they do with the money is the most important issue currently with tvl. I dont know these answers but if any one else can shed light on this subject please post.

Arnold and Droga should ensure the best outcome for shareholders as they have substantial interests and will want to make a return on their own investments.

Amadeus may have different priorities.