There has to be more than $500 mil of debt.
The Fortress loan was for $150 mil then add another $50mil. I don't think you should count that as part of the long term debt which was listed as $700 mil approx.
If King was looking to raise $550 mil then he probably needed $950 mil.
There is now no income from Stella as that goes to CVC. MFS get dividends down the track once their equity has been paid for.
If you have PIF and the notes which are short by say $100 mil each (and that is skinny)
Cash from Stella sale $400 mil
Fortress -$200 mil
Shortfall in Notes -$100 mil
Challenger -$100 mil
NZ -$100 mil
PIF Borrowings -$100 mil
Total -$200 mil
this is just back of the envelope type figures so comments please
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