Why buy shares following a CR, page-3

It doesn't really matter. If you come up with another way of valuing the shares you will still find that a cr can provide a buying opportunity. Suppose your analysis led you to believe the shares were worth 25c prior to the cr. You would then calculate the enterprise value at $165M before the cr and the price after the cr "should" be 23.8c (pessimistic case). If that were the case you would buy today but not prior to the cr.