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  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 31 slides",
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  "authorName": "Centerview Partners",
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  "presentationDate": "2012-12-01 00:00:00",
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  "notes": "The slide outlines two primary financial scenarios (MCC and SCC) and critiques their feasibility based on historical customer acquisition and capital requirements.",
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      "text": "Source: Collie management. (1) Analysis does not reflect proceeds from divestiture of excess spectrum; indicative Dalmatian proposal implies additional value of ~$1.40 per share.",
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      "text": "Both cases assume ongoing LTE upgrades and retail strategy consistent with announced plans.",
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      "text": "In evaluating the feasibility and value of these plans, we note the following: Despite a concerted effort over the past several years, Collie has yet to attract another meaningful wholesale customer other than Shepherd; Given an estimated nine-month lead time to put traffic on-net, the MCC implies one or more very significant new-customer win(s) in the immediate future; Both the MCC and the SCC contemplate substantial funding gaps (~$2bn and ~$4bn, respectively) to reach free cash flow positive; Potential sources of funds include capital markets solutions and/or spectrum sales, but uncertainty around the timing and amount of available funding impacts the feasibility of these plans.",
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      "text": "We have also reviewed a \"Modified SCC,\" prepared by Collie management, which reflects a slightly-faster network buildout; results are immaterially different from SCC.",
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      "text": "Management has provided Centerview with two sets of financial projections, differing primarily with respect to the Company's assumed wholesale customer base: Multi-Customer Case (MCC) assumes substantial non-Shepherd LTE network traffic beginning in 2014 (~70% of total revenue by 2015); Single-Customer Case (SCC) assumes Shepherd remains Collie's only wholesale customer.",
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