No. As per the buyout agreement, the debt holders converted to prefs and with regard to milestone and royalty payments they are in exactly the same payout structure as commons. TLOG does however have long term debt which I believe matures in 2021. Once again as part of the Medivir buyout, the debt holders agreed to push the date back from 2018 to 2019 and 2021. I believe the long term debt is $25-30mil +/-, and the first tranch of milestone and royalty payments goes to the debt holders, after that its distribution is to common holders. But again we are talking about upwards of $250mil and $100+mil alone for milestones so commons will without question be in the money. Very unique situation.
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