1. It is much more highly leveraged. 2. It has about 1/4 the towers and 1/4 the shares outstanding. 3. Mr. Worley is buying because he rightly surmises that Mr. Bernstein's conversion of shares is a prelude to the sale of the company. Just the carving out of the 32 million of SGA expenses takes us to 90 cents to a dollar a share of free cash flow.
4. Could be bought out for $12-$15 a share at some point over the next year or two.