af supremacy battle round 2, page-9

as far as I can tell MAPSA set up HoldCo (which I can only assume is now IAC) for the sole purpose to be a holding company for shares in AF (those shares that are not covered by Stikes other option, the one they just executed), (hence the name HoldCo i assume). They then sold 70% of the new holding company to Strike for staged payements of $10M before and $10M after production.

IAC is MAPSA's share of AF. ie 24.5%
SRK has 70% of IAC = 17.15% of AF indirectly
SRK now has 51% of AF directly (after excercising option)
SRK total is 68.15% (51% direct plus 17.15% indirect)

It seems D&C is moaning about the 17.15% indirect holding. Not sure why as it doesnt affect their share. They have what they always had. I cant see how they can stop SRK taking up this option which will give them 51% directly. Maybe they have a case against the 17.15% through their ownership in IAC but they have had over 14 months to raise that issue.

The only concern is that they are trying to stop the option which gives SRK 51% and not tryig to undo the sale of the 17.15% which is what they have the problem with.

Anyway, whatever, I am not surpsised really, I cant seem to stay away from these sort of problems with the comapnies I invest in.