these pay-outs would only be carried under the notes to the accounts i remember this from PGA, it is like a contingent liability only you don't even know its size hence the notes only, it is a form of off-balance sheet debt
if i was a PE firm i would let NMS announce a CR (big discount expected) followed by my own slightly higher offer
personally i thought the company's situation was a lot better then this, the outcome for current shareholders will be IMO 1. sell company to PE perhaps at a premium to the current SP 2. keep company but inject more funds (if this is the case can the current management be relied upon with future of NMS?)
these situations can create good entry points so i will be watching
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