"Thirdly, we confirm that the transaction with NumberCo provides for no additional consideration other than the payment made at closing, including any consideration to equity holders; consequently, there is no value in the transaction for holders of equity claims such as those of your clients."
This is from the Monitor's attorney. How can you possibly still mention this "upfront" garbage? It might even be worse than "components", which I thought was potentially the worst and least supported argument I'd ever heard.
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