I know it looks like 1 for current holders and i want to do some...

I know it looks like 1 for current holders and i want to do some work around this rather than quick back of evelope.

but consider post transaction.

They have a business that is generating 2m cash plus.
a debt facility of 20 million
23 million in loans that should come in.
12 million property the could sal and lease back.
what will they do with that cash. That is a 55 million war chest most would like.

the other way to look at it is they did not need to raise any cash. But as always they need to set themselves up for the payday. Didnt they do the same with becca.