"If SBA could sell all 3,197 towers for the same average price as the 679, they would realize $749 million. (Of course, they might sell higher, they might sell lower.)
SBA's balance sheet currently shows "Property Plant And Equipment $1,140,625,000" I take this to mean their balance sheet shows PP&E that is overvalued above current market by about $390 million.
On the other side of the balance sheet, "Long Term Debt $834,885,000." Selling off all of their towers at current rates will not pay off even their long-term debt. And they have an additional $284 million in other liabilities."
You obviously know nothing about the tower business or the pricing formulas used to calculate values. You make an incredible naive leap when you assume that SBA�s remaining assets have the same per tower value as those sold to AAT.
Take the gross annual cash flow for the remaining towers and subtract land rents, insurance, utilities, property taxes, and a modest amount for maintenance. Multiply this times 11.2 (which I believe is the multiple for the AAT deal) and you may be a little closer to calculating a liquidation value.