The only thing consistent with a $50mio DW is the setup costs of nearly $1mio - 2% which is likely the fee charged by their advisor Neu Cap to arrange the DW. At some level, I am very surprised here. Whilst I have little respect for AF words, I think that would be a lie too far. He could be in a lot of trouble if he had indeed misrepresented the commitment. This is quantifiable, both in terms of the facts and the economic projections that relate to the size of the DW.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-141
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