Sorry, that is my mistake. Gross cash should say $109M. Bad adding up their folks. Net cash should be $66M.
Comments still the same though, especially the extreme incompetence of the directors.
Also just ignore the letter of credit. It is still their cash sitting in a bank account.
If they were to sell their Tui interest to someone else, that new party would have to come up with the cash and PPP would get to keep that cash themselves.
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