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  "documentTitle": "13 IBD presentation 2007 Cumulus Media Inc Credit Suisse 1",
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  "presentationDate": "2007-01-01 00:00:00",
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      "text": "Eagle management has prepared four sets of Eagle forecasts, referred to as Eagle Case 1, Eagle Case 2, Eagle Case 3 and Eagle Case 4. These forecasts include management fee income from Cardinal, but exclude the earnings and cash flow associated with Eagle's 25% stake in Cardinal. Eagle Case 1, Eagle Case 2 and Eagle Case 3 were completed in March 2007. Eagle Case 4 was initially prepared by Eagle management in 2006 and revised in April 2007. Eagle Case 4 has been presented to the Ratings agencies and lenders in connection with the Company's term loan amendment completed in June 2007. Eagle management's revised 2007E adjusted EBITDA is $100.6 million ($90.6 million including non-cash compensation expenses). The revised 2007E adjusted EBITDA case supplemented with Special Committee estimates for the years 2008-2011 is referred to herein as Eagle Case 5. The revision of 2007E adjusted EBITDA is not reflected in any of the other four cases, which estimate a higher 2007E adjusted EBITDA. None of the cases include non-cash stock option expense in the EBITDA calculation. In 2006, non-cash compensation was $24 million (including a one-time $16 million expense relating to the amendment of the CEO's employment contract). Eagle management has forecasted annual non-cash compensation expense of $10 million for 2007 and onward. Per Eagle management, all cases are adjusted to reflect the pending sale of the Caribbean radio assets, resulting in a $0.5 million decrease in 2007E EBITDA.",
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