- 63 -
percentage of the Hospitals were the only hospitals in their
communities.
Furthermore, although the Securities were not registered on
September 17, 1987, HealthTrust was required to file at its
expense a registration statement with the SEC as soon as
practicable after that date and to use its best efforts to take
all actions necessary to permit public resale of the Securities.
Both classes of Preferred Stock carried a mandatory redemption
feature at a price of $50 per share plus accrued and unpaid
dividends.
Based on the foregoing, we conclude that willing buyers
could be found for the Securities at the high point of each range
advanced by Goldman Sachs. Accordingly, we hold that the fair
market value of the class A preferred stock in the aggregate is
$168 million, the fair market value of the class B preferred
stock in the aggregate is $108 million, and the fair market value
of the Common Stock Warrants issued to HCA in the aggregate is
$52 million, for an aggregate fair market value of the Securities
of $328 million.
To reflect the foregoing,
Appropriate orders
will be issued.
Page: Previous 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Last modified: May 25, 2011