Based on my understanding
$7M is Big Un which is unencumbered
$4M is BRTV (encumbered)
$19M is security deposits (encumbered)
In effect, if no one else joined, they'd return the $23M, then pay $4.8M as a penalty which is less then their current unencumbered cash on hand
We'll need to know the conversion rates which will provide a clearer picture
