The debt almost surely respresents the remaining portion of the liquidation preference and the unpaid dividends. If nothing else, they appear to have quantified that, and it does appear to closely match the numbers. Approx 45 million would be liquidation, and the balance would be unpaid dividends for several years.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.