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davecarneyinc 3 posts  |  Last Activity: Jun 30, 2014 8:42 PM Member since: Mar 14, 2008
  • davecarneyinc davecarneyinc Jun 30, 2014 8:42 PM Flag

    Under the terms of the acquisition, Corinthian paid $395 million in exchange for all outstanding membership interests of Heald Capital LLC, including the assumption of approximately $23.4 million in debt related to a Heald subsidiary. Corinthian also paid an estimated working capital adjustment of $22.2 million that is subject to revision once the closing balance sheet is finalized.

    By virtue of Heald's limited liability ownership structure, Corinthian will receive a tax "step up" in the assets of Heald Capital LLC and its subsidiaries that is expected to provide substantial future tax benefits to Corinthian. Assuming a discount rate of 8% and an effective tax rate of 40%, these benefits have a net present value to Corinthian of approximately $70 million, implying an effective net purchase price of $325 million, or 8.5 times Heald's projected fiscal 2009 adjusted EBITDA.

    Corinthian financed the acquisition through a combination of cash and debt, including borrowings under its $280 million credit facility and available cash

  • Even if they get only half what they paid for Heald, that's $200 Million - which is 8 times what the entire company is trading for here!

  • "Currently, government agencies on three continents-North America, Europe, and Asia--are investigating the firm's Forex practices. Authorities in multiple countries are launching investigations of the banks conduct over the span of several years in the United States, the United Kingdom, Switzerland, and Hong Kong.

    In a SEC filing, Bank of America (acronym BofA) said that it is cooperating fully with the regulators, who are inquiring about the legality of its practices. BofA's conduct in foreign-exchange markets is part of a wider industry inquiry on bank fraud."

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