Really!?!?!
You don't think if Titan blows their wad on the next milestone, that MDT wouldn't push for another RS? This has always been about retails doing the heavy lifting.
MDT knows exactly what they are doing - its win win. If Titan nails it, they've got a winner, albeit an expensive one.
More likely....
If Titan screws it up (check the 10 year chart for probabilities...), then why not take a short term hit on the 18 mill you just put down and RS. People like Roll and Big T will be averaging down forever. Titan/MDT are counting on it!
Why not a short term 10 million dollar loss on a RS when it can offset against the final buyout price of 100-200 milly. If it brings your buyout down a few hundred milly who cares! Its all accounting. Wonder what Monique has up her sleeve!
With all the disclaimers in that last MD/A, this is the likely option - that or they go private.