also not the " brand leverage as quantified by BBG" in the...

also not the " brand leverage as quantified by BBG" in the credit suisse valuation - $570m

ie $1.19

credit suisse assumes that there is a 5% probability of that eventuating ie $29m

here are the brands

Billabong,
Element,
Von Zipper,
Honolua Surf Company,
Kustom,
Palmers Surf,
Xcel,
Tigerlily,
Sector 9,
DaKine
RVCA

that $29m is about 6 cents a share
so you have billabong's brand leverage worth about $1.19 per share and Credit Suisse's value of $0.06 - a massive difference

Do brands lose 95% of their value like that?
I still see a lot of people wearing Billabong
what if the brands lost 50% of its value?
Brand leverage would be worth about 60c
The company would be worth about $1.13 (about the bid price)