Your numbers and assumptions are at the very least inaccurate, if not suspect.
The transaction calls for NAV of BBX (at time of closing) + a premium with a max cap amount not to exceed $316 million.
The NAV, obviously can be skewed from now until closing. This could possibly come via further write-downs and/or changes in Deposits amounts. Again, these possible movements could effect upward or downward. Regarding the premium, it looks to be in the range of $5.38 pps.
The big question then is what is the NAV of BBX at time of closing, after considering all current variables including possible additional write-downs, or increase/decrease in deposits.
With all that being said, the pps appears to be $20.03 based on $623 mil of NBV from reatined assets + $23 mil of loans, RE & cash, offset by $333 mil in TruPS obligations. This also assumes such NAV applies 15,626,744 outstanding shares.
Even with minor adjustments to close, this is a a whale of a deal IF the deal is completed! JMHO