But some MetroPCS investors disagree. They highlight $15 billion in debt that will be part of the deal. "MetroPCS shareholders are left with a subordinated minority stake in an over- leveraged equity stub," wrote Paulson & Co. on Wednesday. Paulson believes that a fair deal would give MetroPCS shareholders an added $5.58 a share for their holdings to go on top of the proposed merger. The current proposal gives MetroPCS shareholders $4.08 in cash and half of a share of the combined company. MetroPCS valued the total deal at between $16.50 and $18.80 a share in a recent proxy filing. Currently, MetroPCS shares fell over 1% in Wednesday trading and stand at $10.53, indicating a steep discount to the company's projections. As MetroPCS's largest shareholder, Paulson maintained opposition to the proposed merger, which will go up for a vote on April 12, after receiving key antitrust approvals earlier in 2013. P.