Why yes. Especially with 30,000,000 in nop's on their taxes. Yes. YES.
yyyyyeeeeeeeesssssssssssss!!!!!!!!! You missed a very huge point. He promised his father he would merge into a clean slate. There was a bump in the road that is slowing the process now but that will be cleared up soon enough and 3 years of financials being audited is normally more than a 75 day process if you do it right, specially with the size of the company.
Once the material definitive hits, there will be no turning back, only chasing, good luck when that happens.