ecsc - the "Deferred Revenue" liability is just an accounting...

ecsc - the "Deferred Revenue" liability is just an accounting trick regarding how they book milestone payments etc from pharma development partners. They record the revenue through the P&L associated with the milestone according to the timeframe of the development agreement. If you read the full annual accounts filing as lodged with the SEC this pretty clear.

The cash that is shown on the balance sheet is real & some of it will be available for distribution to NABI shareholders in conjunction with this deal.

My understanding - received second hand from a friend who discussed the matter with a BTA representative today - is that the "best estimate" is that around $25 million cash will be available for distribution to NABI shareholders after employee termination payments etc have been satisfied.

I think this works out to an implied arbitrage profit of around 15% if you buy NABI at around $1.62 when compared with current BTA share price.