You have the following information for an up and coming utility company (FirstPower) striving to revolutionize the electric grid:

FirstPower (FP) owns 72% of EasyPower. EasyPower trades on NYSE with 52 million shares outstanding at $8.35 per share. FP has a cash balance of 400 million but you believe that you should attach a premium of 7% given its track record. FP has 135 million in accounts payable and 270 million in debt that is marked to market. FP has been targeted with a lawsuit. If FP were to lose the suit, payout will be 220 million but with the help of lawyers you estimate the probability of this happening is 35%. FP has 87 million shares outstanding in addition to 7 million management options. The management options have an average exercise price of $7 and average expiration of 4 years. The value per option is $6. You have completed the estimate of the operating value of assets of FP at $1.3 billion. Estimate the value of common equity per share of FP (5pts).