Daily Digest

### Bottom Line
The team solidified the core negotiation strategy for the Transportation Resources (TR)/Coyote acquisition, deciding to anchor the deal on the argument that the target's loss-making assets merit only a minority equity stake. All future value is attributed to Packet Co.'s operational expertise and risk assumption, justifying a target split of 80/20 in Packet Co.'s favor.

### Today's Highlights
- **Negotiation Anchoring:** The foundational argument is set: TR/Coyote's contributed assets are loss-making, and their equity stake should reflect this current state, not the future value Packet Co. creates.
- **Deal Structure:** The cleanest approach is to contribute specific assets into a new asset company to avoid successor liabilities, pending tax review.
- **Information Control:** The team will share requested operational data but will soften disclosures around debt and withhold sensitive fleet-level asset details.

### Watch List
- The proposed asset-contribution structure requires validation from a tax review to ensure it avoids unintended liabilities.
- The strategy hinges on TR/Coyote accepting significant risk proportional to a small equity stake, which could be a major point of contention.