Each IDS represents $7.50 of the Senior note. The consensus seems to be that we'll get at least 34% of that, which is $2.55. Add in the deferred interest IDS holders are owed, which will be converted to and paid with the new common (.2438 P/S for two quarters=.4876) and you get $3.0376. At this point, I would be happy with that.
As rather said in a previous post, the proforma projections are at the back of the 2/5 filing. Projections which I believe will be conservative. If that proves to be the case, OTT is not merely undervalued, its extremely undervalued.
Here's something else readers of Greenblatt may remember. In a study during the period of 1980 to 1993, newly distributed bankruptcy stocks outperformed the general market by 20%, with the bulk of the outperformance coming from stocks with the lowest market values. OTT qualifies in that regard.