TLDR: VISN trades at $11.83 with roughly $1.88 billion of cash and zero debt after closing the sale of its Ruckus division to Belden on July 1. That is about ~$8.31 a share in cash, and the board has committed to pushing most of it out the door as a dividend by August 30. What you keep for free is Aurora Networks, which grew revenue 33% last quarter and is guided to $225 to $250 million of adjusted EBITDA. The market is valuing this at $3.52 a share or <4X adjusted EBITDA. I think it is worth moreCredit to the mysterious Keyser Söze who turned me onto this idea.Thanks for reading Triple S Special Situations Investing! Subscribe for free to receive new posts and support my work.Company HistoryFor a decade this was a debt-funded roll-up of a legacy cable and copper business.$3 billion for BNS from TE Connectivity in 2015. $7 billion for Arris in 2019.At the peak, they had $10.5 billion of debt at 7.1x net leverage.The stock went from over $40 in 2018 to under $1 by 2024.Then the board did the only sensible thing left and started selling the company off in pieces.January 2026: the Connectivity and Cable Solutions business goes to Amphenol for $10.5 billion. All the debt gets repaid, the Series A preferred gets redeemed, and shareholders get a $10.00 per share special distribution on April 27.July 2026: the Ruckus enterprise networking business goes to Belden for $1.846 billion in cash. Net proceeds after tax and fees, per the company at closing, approximately $1.75 billion.What is left is one segment: Aurora Networks.The Math$11.83 (stock) − ~$8.31 (cash) = $3.52 a share for Aurora, or about $790 million of enterprise value.The company should be announcing the dividend amount shortly on the cash they are returning to shareholders.Now put Aurora next to that number with Q1 2026 revenue of $298.4 million and adjusted EBITDA of $50.3 million, with 2026 adjusted EBITDA outlook of $225 to $250 million.$790 million on the guidance midpoint is 3.3x EBITDA.Annualize the actual Q1 and you get $201 million, which is 3.9x.Either way, you are buying a business at less than four times adjusted earningsWhat is the possible value of Aurora, if it’s sold?Using a reasonable 8X of guidance, it’s around $8/share.If a strategic buyer shows up, it could be as high as 12X of guidance or $12.The catalystThe company said, in the July 1 closing release, that it expects to distribute a significant portion of the net proceeds to shareholders as a dividend within 60 days of closing.60 days from July 1 is August 30.Q2 results come out Thursday, August 6, before the open.That is where you find out the number.They have already done this once.On April 7 they declared $10.00 a share and paid it on April 27, twenty days later.ConsiderationsTax. They called it a dividend in the closing release, not a return of capital. Retained earnings flipped from a $3.0 billion deficit to a positive $2.45 billion on the CCS gain, so there is plenty of earnings and profits for this to be taxable as a dividend rather than basis reduction. If you hold this in a taxable account, a meaningful slice of your own money coming back gets taxed on arrival. I am not an accountant and this is not tax advice. Ask yours. It may argue for holding this one in an IRA.Post Script note: A reader noted the following on the tax treatment:Options. I am not giving you a strike here, and here is why. A special distribution of this size will almost certainly trigger an OCC contract adjustment, which reduces strikes by the distribution amount on the ex-date. Selling a covered call into it does not work the way most people assume, because the strike moves too. The way I own this security is through a call spread because I didn’t want to tie up my capital on what I think will take at least one year for the stub to either rerate or get sold.ConclusionThis isn’t a multibagger but seems to have very low downside and you are getting the stub for a steal.I’ll be back next week with my largest gold stock holding and a Venezuela Yolo.If you enjoyed this write-up, please like and restack.I don’t get paid to do this, so consider that my reward.Substack seems to throttle free article writers, which makes attracting new readers difficult. I do not want to charge for this substack, but the algorithm may end up requiring it. I am trying to avoid this, so please spread this substack if you can.Also, if you have other ideas I should write about, my DMs are always open on Substack and Bluesky :)All writeups are subject to our TOS