Amarin Corp Plc (AMRN)

[HDGabor]

Kiwi,

IMHO: Not exactly.

Amarin can default, since payments based on % of revenue is not the only payment (forecasted 2014 CF is -80M).

We could set-up a lot of scenario, but some of it (as priority order):

1.)No bankruptcy
a.) R-IT stopped based on interim - BO = cash in the remaining part of 150M
b.) R-IT stopped based on interim - no BO = higher Net Sale, fast return
c.) R-IT going till end = slow return

2.) Bankruptcy - sell the Collateral = 100/150M covered (They do not want it, as VC do not like to deal with Collateral)