i get exactly $1.00 per share in cash from the deal
1. proceeds $367,910,116 @ 69 cent exchange rate
2. less cost of asset $3,600,000 (it has been written down and claimed as a tax loss)
3. capital gain $364,310,116
4. less prior year accumulated losses $112,000,000
5. equals $252,310,116 taxable income
6. tax @ 30% equals $75,693,035
7. less convertible notes $47,500,000
8. cash equals $241,117,081 (proceeds less tax payable less conv notes)
9. cash from deal = $1 per share
sounds too good to be true
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