my initial thoughts on the delisting attempt, page-63

It’s not impossible that Germinder and TIC could come to an understanding where TIC gets the $30 million they believe they’re owed, while also agreeing to sell their stake in Pact Group for a price Germinder is happy with. There are a few things that would need to line up for it to work though.

First, both sides would need to have an incentive to settle. If TIC really wants the $30 million and sees a chance to cash out of Pact at the same time, that could appeal to them. And if Germinder wants to clean up the register or consolidate control, he might be open to negotiating a payment on the $30 million in exchange for a clean exit by TIC. That kind of trade-off happens all the time in commercial disputes, so it’s definitely possible.

The tougher part would probably be agreeing on the valuation of TIC’s stake. If TIC thinks Pact is undervalued and Germinder is trying to pay less than they think it’s worth, they’ll push back. Likewise, if Germinder thinks TIC has unrealistic expectations or that they’re overestimating the value, he’s not going to overpay. If their views on price are too far apart, the deal could fall over there.

There could also be legal or structural complications. For example, if the $30 million claim is disputed or tied up in contracts that aren’t straightforward, it might drag out. Or if there are governance rules in Pact that make selling shares complicated, that could be a hurdle too. But those are just technicalities they can usually be worked through if both sides are motivated.

The wildcard is the relationship between the two parties. If there’s a lot of history, mistrust, or bad blood, that can make things difficult even if the deal makes commercial sense. On the other hand, if both parties are ready to move on and want a resolution, that could speed things up.

So overall, it’s a realistic scenario not guaranteed, but definitely within the realm of possibility if both sides are pragmatic and ready to compromise.