Waylonglvlt, your ballpark appraisal range for the empty conduits seems fair. Combined with the current market valuation of the other parts of the business, a pps of $100, would make a good starting bid for an interested buyer. Southeastern Asset Management would consider that as reaching their full appraisal and would sell their shares to Mr. Market, irregardless of whether Google or Amazon were interested in LVLT or not. Longleaf soldout their position of DirecTV and they wouldn't hesitate to do it with Level 3. They emphatically adhere to their guidelines for selling a business, as they do for buying a business. If the business has a market price deeply discounted to the intrinsic value, they buy, and sell when the market price approaches their full appraised valuation. $100 would force their hands to release their tight fisted clinch on the LVLT shares in their portfolios. After all, they are just value investors and simply are out to make money by playing the margin of safety game.
Hell, give me $100 for my shares too. I know you just fell over on your chair, because you have a $400 target. But I don't need any more money, I can't even spend what I have. For all these years of trying to accentuate the positive attributes of Level 3, in my heart I could care less, because I'm only in this game to reap a high return on my capital. Period.
I simply want to get back to being retired with a 100% position in BRK.B Enough is enough, I just want to go back home, there's no place like home.