EX-99.C.4 7 g24732exv99wcw4.htm EX-99.C.4
Exhibit (c)(4)

CITADEL Securities

#####

Illustrative Real Estate Valuation Analysis Illustrative Value with Discount of: No. Value (10%) (15%) (20%) Owned Properties - Collateral for Mortgage Total Mortgaged Properties — Appraised in 2006 56 $362,120,000 (1) $325,908,000 $307,802,000 $289,696,000 Owned Properties — Not Collateral for Mortgage Assets Appraised in 2004 (2) 3 $6,570,000 (3) $5,913,000 $5,584,500 $5,256,000 Assets Purchased in 2007 (4) 11,300,000 (5) 1,170,000 1,105,000 1,040,000 Total Non-Mortgaged Properties 4 $7,870,000 $7,083,000 $6,689,500 $6,296,000 Excess Land Assets with 2010 Valuation Estimate 9 $11,145,000 $11,145,000 $11,145,000 $11,145,000 Assets at Purchase Price in 2006(6) 1 370,044 333,040 314,537 296,035 Total 10 $11,515,044 $11,478,040 $11,459,537 $11,441,035 Gross Value of Land and Buildings 70 $381,505,044 $344,469,040 $325,951,037 $307,433,035 Tax Basis 122,793,061 122,793,061 122,793,061 122,793,061 Pre-NOL Gain $258,711,983 $221,675,978 $203,157,976 $184,639,974 NOL 13,200,000 13,200,000 13,200,000 13,200,000 Taxable Gain $245,511,983 $208,475,978 $189,957,976 $171,439,974 Assumed Tax Rate 39.0% 39.0% 39.0% 39.0% Taxes Owed 95,749,673 81,305,632 74,083,611 66,861,590 Net Value of Land and Buildings $285,755,371 $263,163,408 $251,867,427 $240,571,445 Less: Mortgage Debt (as of 7/3/2010) (7) 285,669,000 285,669,000 285,669,000 285,669,000 Plus: Restricted Cash for Mortgage (as of 7/3/2010) 25,995,638 25,995,638 25,995,638 25,995,638 Net Proceeds $26,082,009 $3,490,046 ($7,805,935) ($19,101,917) FD Share Count 35.003 35.003 35.003 35.003 Net Proceeds per Share (8) $0.75 $0.10 ($0.22) ($0.55) Source: All figures per management unless noted otherwise (1) Per third party appraisal as of 5/17/2006 by CB Richard Ellis, provided by management (2) Baton Rouge and Buffalo Triad and Sacramento properties (3) Per third party appraisal as of 2004, figure provided by management (4) Charleston (2) property, purchased on 3/13/2007 (5) Purchase Price (6) Pensacola property value per purchase price (7) Does not take into account any pre-payment penalties (8) Based on FD Share Count

#####

Disclaimer This presentation was prepared by Citadel Securities LLC (“Citadel”) solely for the use of the Special Committee of the Board of Directors (the “Special Committee”) of BlueLinx Holdings Inc. being provided by Citadel. This presentation is for discussion purposes only, and is designed for use by the Special Committee in connection with its evaluation of a specific transaction and should not be used, considered or relied upon for any other purpose or in connection with any other matter. This presentation is being furnished and should be considered only in connection with other information, oral or written, being provided by Citadel in connection herewith. In providing this presentation, Citadel has relied upon, without independent verification, information that is publicly available and upon information provided by or on behalf of the company and its management, all of which are subject to material change. Citadel does not warrant the completeness or accuracy of any of the information contained herein, and does not assume any responsibility for independent verification of any of the information contained herein, including any appraisals set forth herein. Citadel and its affiliates expressly disclaim any and all liability which may be based on this document and any errors therein or omissions therefrom. In addition, Citadel assumes no obligation to update or correct any of the information contained herein. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Nothing contained herein should be deemed to be a recommendation from Citadel to any party to enter into any transaction or to take any course of action. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein. Citadel is not an expert on, and does not render opinions regarding legal, accounting, regulatory or tax matters. We recommend that the Special Committee seek independent third party legal, accounting, regulatory and tax advice regarding the contents of this document. In addition, Citadel is not an expert on, and does not render opinions regarding the real estate matters included herein, including any reference to value, estimates or appraisals with respect to any real estate, property, land or building. We recommend that the Special Committee seek independent third party real estate advice regarding the contents of this document. Neither this presentation nor any of its contents may be summarized, excerpted from, disclosed publicly or made available to any third parties or used for any other purpose without the prior written consent of Citadel.