Perhaps one doesn’t realize that the $192 million in incidental damages is in reality the actual outstanding taxes that Rontan owes Brazilian taxing authorities that were not or were not fully disclosed by Rontan to GDSI. The judge awarded these “incidental damages” so that GDSI won’t get stuck paying these taxes, going so far as to say this money will be subtracted from what is owed to the Bolzans and paid to the taxing authorities. The judge took the extra effort to go out of his way and specifically identify each of these amounts and what these amounts were for.
The judge did not award a penny for lost (possible) income, just the outstanding taxes.
This is not a $192 million windfall for GDSI, in fact quite the opposite. While “collecting” these damages, Bilky’s use of Payabellum 27% litigation financing triggers a $56 million dollar fee due from GDSI to Payabellum.
The great news is that if GDSI ever gets control of Rontan through the Brazilian recognition process, GDSI will not be directly responsible for these taxes, GDSI gets to pay this and subtract this from what they owe Bolzans.
The bad news is they owe Payabellum 27% of the $192 million or about $56 million. The judge won’t be awarding a PayDay loan financing arrangement the ridiculously absurd $56 million or so in financing fees.
Payabellum is the real winner here.
Alf this is of course based on Bilky’s ability to generate an operating profit. Based on Bilky’s past experience with NACSV, it hemorrhaged cash, lost so much money, and was shut down several months after Bilky acquired it.
Not a good sign, in my opinion
If one reads and has the ability to comprehend the judgement, one could and should conclude these comments and similar, are anything but nonsense.
