Adjusting the balance sheet and removing the AHUG loan but leaving the Alco mez finance, they have about -90M in equity. Take the mid point valuation of the residuals then you can add 120M in assets. Add $30M per year in cash flow for a couple of years.
That brings equity up to $90.5M which leaves AHUG holders with over 60c on the dollar. You could add more for lease renewals (or comissions if renewals are funded elsewhere). Allco gets paid out 100% on their loan.
Adjusting the balance sheet and removing the AHUG loan but...
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