At $2.48 per XTEX unit I count $29M in IDRs. The price of XTEX unit should also rise; assume $42/unit for the sake of this analysis. That means $620M/$29 = 20.5x GP multiple. That's pretty low. Hence, I hope today's panic continues.
It is closer to 29 than to 27, i was going off of memory, should have taken the time to pull up my excel spreadsheet. Thw 1 or 2 million dollar difference isn't too significant, but as you point out, the increase in value of XTEX is. I ran my calcs as if XTEX didn't increase, which is conservative, but not likely.