Oh come on guys, you are beating a dead horse to death. How many times do we need to ask and answer the same question. And to you stubborn guys who insist in phrasing the deal as 7.65 of 72% of shares, it is cleaner to explain it #$%$50 for every share and .28 of stock, assuming of course that its a total cash election which it probably will not be. the 5.50 example and index ratio makes it easier to understand and compute the possibility of the actual allocation of cash which I expect to be between high 5 and low 6s. The thing we should be focused on is the ending of the election period which in most cases is tomorrow, the allocation and most importantly when the FCC speaks and removes the last obstacle. If by July 5, we can end this very soon.
The way I read this (which is as you just said above): IF 100% elected cash the pro-rated pay out would be 5.50/share & .28/share. For example using 10,000 shares and 100% voting cash: holder receives $55,000 & 2,800 shares of New Sprint. (The 5.50 for every share is equivalent to $7.65 for 72% of stock owned)
I see this as a GUARANTEE as far as the cash is concerned. It's impossible to receive less than the above. First, it's impossible 100% will vote for cash. Therefore every election to receive stock puts more cash in the pot. So everything less than 100% cash election from all shareholders bumps up the % of cash received - each percentage point below 100% cash ADDS TO the 72% received at $7.65.
If I hold 10,000 shares and elect 100% cash, I cannot receive less than $55,000. And in all likelihood would receive more.