<1. What we have here is a 10-15% dilution, give or take.> 35/350 = 10%, or approx $0.56 per share.
<2. Elan also is authorized to buy back 15% of their shares, eliminating the dilution. > Nonsense. Buy back will cost money, net net means nothing.
<3. Meanwhile, debt eliminated or radically restructured in Elan's favor. > I can't calculate the value per share effect of this, but it is not as much as the dilution. Based on after hours activity, I'd guess about $0.30 per share benefit.