Hi TL. Good to get some movement on this case.
I think your claim of us getting 22mil might be wrong. The document states:
Repayment of the MMPRC / PMC Loan: repayment by PMC
over 15 years through a
combination of:
o First Upfront Payment: initial upfront lump sum amortization payment consisting
of
an upfront cash payment of USD 10,500,000 (to be paid within 10 business days
of entry into the Compromise Agreement);
o Second Upfront Payment: further upfront lump sum amortization payment
consisting of
a cash payment of USD 4,662,000 (to be paid within 5 business days
of receipt by PMC of the repayment of an intercompany debt owed to it by KDTL);
and
o Year 1 Amortization Set-Off: A further total of USD
11,913,000 amortization
payments to be made during the first 12 months by way of monthly set off against
the PMC Compromised Claim (to be applied during the first 12 months after
execution of the Compromise Agreement);
o Quarterly Payments:
a minimum of USD 658,159 and a maximum of USD 1,316,318
of amortization payable per month through a combination of cash and set-off
against the PMC Compromised Claim, which shall begin to accrue on 1 February
2025, with flexibility for PMC to repay the MMPRC / PMC Loan earlier. The first
quarterly amortization payment will be due on 21 May 2025.
So I've got 10.5 + 4.6 + 11.9 = 27mil in the first 12 months, then there's the quarterly payments over the next 14 years at
0.658 -> 1.316 per month = 110.5mil -> 221.09mil
Our claim for 248mil less their claim for 108 leaves us with a $140mil discrepancy, which is in the bounds of the repayment numbers above.
Am I missing something?
(20min delay)