The CIC payments based on net proceeds (that is the sale price minus the debt). So they are going to be substantially less than if they were based on the $117.5M sales price which is what that $13M CIC Amount is based on. If based on $117.5M - $84M the CIC might be $3.6M. So that adds in another $9M or so. Whether all the DIP loan gets used up depends on how long this goes, but perhaps there would still be balance on that too.
Perhaps $18M might be left over? Still not a big amount but better than $9M.
The CIC is supposedly defined as:
"In the Amended Plan, Net Proceeds is defined as the aggregate consideration paid in connection with a Change of Control, after payment of (i) all secured indebtedness of the Company and any controlled subsidiary, together with all accrued but unpaid interest thereon and all other obligations related thereto, including without limitation all indebtedness owed to DMRJ Group, LLC, and to the holders of promissory notes issued pursuant to that certain Note Purchase Agreement dated as of March 19, 2014, between the Company and certain other parties thereto, and (ii) all other obligations and liabilities of the Company and any Controlled Subsidiary, including all expenses related to such Change of Control"
