You have just completed a valuation of Hardwire, an internet service provider, and have come up with a value of $1,000M for the operating assets of the firm. Consider the following, and estimate the value of common equity and the value per share. Hardwire has

$37M in cash

A 15% cross-holding in a web-hosting company. The company is valued at $100M.

A large vacant lot, purchased for a possible future headquarters, valued at $5M

$100M in face value of 10-year straight debt outstanding, trading 6% below face value

$250M in face value of 10-year convertible debt outstanding, trading at 10% above face value

Operating lease commitments with a present value of $27M

1 million shares of preferred stock trading at $15 per share

A pension plan that is underfunded by $14M

A pending lawsuit in which the firm is the defendant and has a 25% chance of losing. If Hardwire loses, it will have to pay an estimated $8M in damages.

10 million warrants trading at $10 per warrant

8 million common shares outstanding