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Cerberus deal sets the bar for Yellow Media bondholders Add to ...

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For investors wondering what’s next at two fallen Canadian angels, Yellow Media Inc. and Research In Motion Ltd., two deals in the United States provide some hope of hidden value.

Private-equity firm Cerberus Capital Management is buying half of AT&T Corp.’s directories business in a deal that values the whole enterprise at almost $2-billion (U.S.), suggesting Yellow Media is worth more than bond markets are pricing in. And AOL Inc., once the dominant online company, is selling its patent portfolio at a huge premium to the market’s expectations, creating the possibility that RIM’s trove of intellectual property is similarly undervalued.

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