deal of the decade!

Here is the deal guys, simplified.
Goldman spends $50 million buying NLG, $200 million buying 40% of Redcapes senior debt. Now let us assume that instead of paying 20 cents in the dollar for the junior debt of around $45 million they pay around 80 cents, that is another 36 million. Making a grand total of 286 million dollars spent to buy NLG, the junior debt and enable the recapitalisation. Being ridiculously conservative and assuming no value for NLG (although there definitely is in a recapitalisation or Goldman would not have bought its debt) you now have Redcape with assets of $760 million with only senior debt of only $395 million left.
So in the above likely scenario whereby Goldman pays a bit more for the miniscule junior debt and enables a recapitalisation of Redcape it spends a total of $286 including NLG, (assets without NLG and Redcape as stand-alone are $760 million) and debt is reduced to only $395 million. That is a loan to valuation ratio of just over 50% better than even the Woolworths ALH. Keep in mind under this scenario the hidden value of NLG has not been added. Even with a sizeable share dilution the share holders including the new majority of Goldman would be much better off.
The numbers are out there for all to see and they do not lie, these guys Goldman, the banks, and poor old Laundy are tussling over what could become one of the best corporate deals of this decade. Laundy would be kicking himself for not putting his money where his mouth is, he underestimated the determination of Redcape thinking that they were more vulnerable than they are. Rule of the day, when you see a value play put your money down, like Goldman did.
It would make sense for Goldman to take a long term view in making Redcape the third big force in pubs in Australia because they and their own investors get a good return and capital growth in a strong growing economy here in Australia whilst if they were to leave their dollars back home in the States they would face a declining dollar and low yields for the foreseeable future. I'm enjoying every minute of this!