Assume that Everest Partners proposes to invest $17 million in ORN. Use projections for 2017 EBITDA (six years from the end of 2011) and applying the mean Forward EV/EBITDA multiple of the four compa1Srable companies from the case to that multiple. Their investment will be used to buy new shares issued by the firm, not to buy out current shareholders. Because ORN will be a private company, and the comps are public companies, Everest applies a 30% liquidity discount to the valuation. Using the VC method and assuming a target return of 60% per year, what is the value of ORN at the end of 2011?