Based on very clear and open numbers, as a share holder you get to keep 51% of all profits from selling Bellissima.
It's very cut and clear. The deal in place about as simple as business 001 (middle school economics maybe?)
The debt is also not new, as a share holder you always owned the debt so I'm confused about this statement. The only difference now is there is a deal in place to pay the debt off instead of diluting the stock.
In a nutshell, Rich sold 51% of Bellissima LLC to ICNB in exchange for 10 shares of a newly created Class D stock, each of which can be converted into 5.1% of the ICNB common stock outstanding at the time of the conversion.
Needless to say, shareholders better pray that Rich feels like conducting himself honorably.
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