So according to this release the disbursements business did...

So according to this release the disbursements business did $22.4m revenue and $5.6m EBITDA for the year - 25% margins. But for H1 it did $8.2m gross revenue and $2.5m EBITDA (30.5% margin) so H2 is $14.2m rev and $3.1m EBITDA (21.8% margin). So margins seem to be shrinking which is especially worrying given borrowing costs and corporate overheads are not included. Finance costs for all three facilities will be $5m next year assuming no further increase in debt.

Also, I had mistakenly considered corp overheads to be a cost of the litigation funding side which showed $2m of cost in H1 assuming no funny business is going on with capitalising case expenses. Then there are the very generous bonuses that I estimate will mean corporate costs blow out to $5m+ per year. Clearly the proposed $1m annual fees for running the litigation is not going to come close to covering this.