With current total debt at almost $1b and equity value at $386m, GNCMA is trading at around 5.5 X EBITDA (not counting the effects of AWN) correct?

Wireless EBITDA was around $60m for GNCMA and almost $70m for ALSK in 2011. So if capex is $40m that leaves $120m in FCF. Year 1 and 2 GNCMA gets 4% management fee before distributions so say $4-5m, double that after the first 4 years. Then $50m for ALSK, less later and 1/3th after 4 years.

Does that really leave almost $70m for GNCMA? I understand synergies will take time and VZ coming in but still.

Packer, do you expect GNCMA to continue growing EBITDA at its current pace? Regardless the stock seems cheap.