>>Even looking at hollister (if true that CS got a shaft by making it accept royalties to get its debt paid back) it is sold for 110M.
What part of 90 mm being an absolute cap, a ceiling, do you not understand? It's not 90 mm of value - it's a contingent value right that is worth between zero, and at absolute best, the present value of 90 million over 9 years. But with Hollister currently losing money on production, the current value is closer to the zero side. Detach from your emotions for a second and think about the fact that Waterton won with 15 mm dollars cash and 15% of any future net profits on the asset they only put 15 mm of cash down on. Look at it the other way - to get the full 90 mm, Waterton will have to make $600,000,000 of NET PROFIT on the operation they paid $15,000,000 cash for....in 9 years or less. Good luck with that.
And the last monitor report stated definitely that 3 bids were received on Burnstone by the bid deadline - you should follow details like this more closely if you have money on the table.
