Sparks, in your section "Who makes money off the RS"; PwC on behalf AJW investors will be in control of the new EPGL equity as the liquidator of those funds. NIR will not be allowed to control any of this. That's not what a liquidator does. They're fiduciary duty is to the AJW fund investors who are currently at a loss and no one else. NIR will not be issued any shares, IMHO as you stated. NIR is history when it comes to EPGL going forward.