Sample Liquidation Valuation ($ in Millions Except Per Share Values)

Current
Balance
Sheet

Assumed
Recovery

Assets
Current Assets:
Cash & Short-Term Investments:
Accounts Receivable:
Inventory:
Prepaid Expenses:
Total Current Assets:

$100
$50
$50
$30
$230

100.0%
80.0%
50.0%
100.0%

Long-Term Debt Investments:

Net PP&E:
Goodwill & Intangible Assets:
Other Long-Term Assets:
Total Assets:

$50
$80
$100
$40
$500

80.0%
80.0%
0.0%
90.0%

Liabilities
Current Liabilities:
Accounts Payable:
Accrued Expenses:
Short-Term Deferred Revenue:
Short-Term Debt:
Total Current Liabilities:

$30
$40
$20
$50
$140

Long-Term Deferred Revenue:

Long-Term Debt:
Other Long-Term Liabilities:
Deferred Tax Liabilities:
Total Liabilities:

$5
$50
$20
$20
$235

Shares Outstanding (MM)

10.0

Value to Shareholders:
Per Share Value:

areholders:

Liquidation
Value

$100
$40
$25
$30
$195
$40
$64
$0
$36
$335

$30
$40
$20
$50
$140
$5
$50
$20
$20
$235
$100
$ 10.00