best and worst case outcomes for asset sales, page-6

Based on lunchtime's 2011 EBITDA numbers, I'll revise asset sale estimates:

Futuris: from 4x EBITDA at $128M to 6.5x EBITDA at $207M

Rural: from 8x EBITDA at $267M to 11x EBITDA at $367M

So Forestry is the giant question mark. It is either a marginal negative asset value, or perhaps it is the black hole that sucks all of our financial molecules and spits them out somewhere in a parallel universe. :) If someone has some worst case numbers for Forestry let's hear them.

Revising my low and high outcomes, the low outcome, assuming ELDPA agrees to 50 cents on dollar, is that Elder's common gets .01 or 1 cent per share.

The high outcome, which pays out ELDPA at $1, gives Elder's common 33 cents per share.

That's quite a range of outcomes for common.