Given that we aren't in any position to negotiate anymore (more or less) I'd say the previous closing price is a good guess. $24 all in, including holdbacks. Maybe $20 now and $4 held back. Lets say CHAMP pays 25% less and AFG takes 66% instead of 50%. That reduces our payment by 50%.
Our negotiating position: *They still need AHUG apprvoal though getting around that would mean receivers. *If receivers are appointed, there are debt holders with claims higher than AFG's (it was only mezzanine debt). This isn't a slam dunk for AFG. This would delay a deal with CHAMP and a delay may mean that a deal may not be executed. *AHUG holders may be able to sue to stop the return of the mezzanine debt based on the AFG guarantee. This would at least be a nuissance and postpone a sale that's actually on the table today.
If CHAMP is renegotiating then it sounds like finance isn't an issue.
AFG Price at posting:
14.0¢ Sentiment: None Disclosure: Held
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