Conned air?
Lemme ask if I'm getting this right. Toll shareholders get free Virgin shares. Toll writes off the difference between its investment and the price of VBA averaged over five days before the strike date in August.
But if VBA goes up, the tax free value to Toll holders goes up, the write down on Toll's books goes down.
And, duh, Paul Little and his mates keep their VBA shares and seats on the VBA board.
Far ******* out.