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Still not up to the Q&A portion of the call, but it dawned on me why the goodwill was written off. I should have realized it right away.

The goodwill impairment test is essentially a discounted cash flow analysis which goes out 5 to 10 years of forecasts/projections (at least Step 1 is). I also suspect that management had to give the Board's special committee a DCF which goes out several years for their review of the go private offer.

The only way for the DCF to come close to supporting a $6.60 per share value would be to drastically reduce future years' projections. I'm sure they want the DCF given to the Board to support the $6.60 price and I'm sure they want the DCF for goodwill testing given to the Board to be consistent with the one the Special Committee is reviewing. Otherwise the Board members would naturally ask why the forecasts for goodwill testing are much higher than the ones used for the go private. Therefore, they had to reduce projections for goodwill testing which resulted in them failing Step 1 in order to have any shot at supporting the go private valuation.

Call it a conspiracy theory if you will, but that is what I'm thinking.
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