If it doesn't, the discount to
liquidation value provides some downside protection.
Not exact matches
We are frankly surprised that the Board has not previously addressed our concerns by affirmatively and unequivocally agreeing to proceed only with a transaction that
provides for stockholders to receive no less than the Company's approximate
liquidation value.
We believe this methodology
provides for a fair assessment of the potential
liquidation value of the Company's balance sheet.
In the proxy management
provides a range of
value for
liquidation distributions of between $ 13.79 and $ 15.79 per common share.
In Security Analysis, Graham wrote that, in determining the
liquidation value, the current - asset
value generally
provides a rough indication:
the fact that we had vigorously and comprehensively explored strategic alternatives, including undertaking extensive efforts, with the assistance of a financial advisor, over a six - month period to identify a financial or strategic buyer interested in a business combination that would
provide value to shareholders in excess of the estimated
liquidation value, or a strategic transaction that would mitigate risks from our continuing operations to develop our cortical stimulation technology, and that no strategic or financial partner had expressed interest in pursuing such transactions;
Klarman's attitude to
liquidation value investment closely accords with our own, and so we've reproduced below the relevant portion of Chapter 8 The Art of Business Valuation in Margin of Safety, in which he
provides the basis for making such investments and outlines his approach to assessing
liquidation value:
MediciNova and Avigen currently contemplate that the terms of the merger would
provide that Avigen shareholders receive consideration approximating Avigen's net cash
liquidation value plus $ 3 million.
If, prior to its dissolution, the Company receives an offer for a transaction that will, in the view of the Board,
provide superior
value to stockholders than the
value of the estimated distributions under the Plan, taking into account all factors that could affect valuation, including timing and certainty of payment or closing, credit market risks, proposed terms and other factors, the Plan of
Liquidation and the dissolution could be abandoned in favor of such a transaction.
Incorporated, devoted substantial time and effort in identifying potential buyers or strategic partners and entered into negotiations with several potential partners; however, that process did not yield a potential transaction which the Board viewed as reasonably likely to
provide greater realizable
value to its stockholders than the complete dissolution and
liquidation of the Company in accordance with the Plan of L
liquidation of the Company in accordance with the Plan of
LiquidationLiquidation.
Provides detail of all margin requirements including Initial Margin (as calculated by ICE Risk Model; or CDS IM models), Buyer's / Seller's Security, Net Liquidation Value, Contingent VM; this provides comprehensive and complete details regarding the totality of margin that the Member mus
Provides detail of all margin requirements including Initial Margin (as calculated by ICE Risk Model; or CDS IM models), Buyer's / Seller's Security, Net
Liquidation Value, Contingent VM; this
provides comprehensive and complete details regarding the totality of margin that the Member mus
provides comprehensive and complete details regarding the totality of margin that the Member must cover.