The KPMG engagement letter is up. Terms include 2.5% of any proceeds raised, with a minimum fee of 500k - this suggests that 20 mm is the ballpark they are looking for. Interestingly, money raised from SAIF, Entertech, VIA Motors, or Johnson Controls is only eligible for 1.25% success fee, which suggests there are tirekickers already - not at all surpised to see JC on that list given their failed attempt to snag A123. Still a longshot, but the fact that the company is looking to raise that sort of money, and it's indicated as equity - it keeps the valuations much more honest than Berg would have to be if he was just going to take it all for himself and raise money post exit. The unsecured creditor committee may have had some influence here - hard to tell - from what I've seen they've shared the same concern that equity has due to Berg's rather unrestrained influence in the case.
