JMHO: The total sale in 2023 was for 45 million SAGA shares (now revised to 29 million by excluding BGEN form the sale, but that is a 2024 event):
Mgmt- 9 million * $10= $90 million- taxable to individual management b/c they (instead of ENZC) each owned 10% of the subs after the Series A Preferred exchange
ENZC- 36 million *$10=$360 million-reportable by and taxable to ENZC
Total- 45 million * $10=$450 million
JHMO:
Who at ENZC thought a taxable sale was a good idea??
IMO, Harry should let SAGA die or opt out of it. IMO, he's controlling SAGA through Kelli Austin.
Maybe he's got some Bulgarian money committed for the PIPE and wants to see it through.
The valuation of the SAGA shares will be key for tax determination, IMO, if he doesn't opt out.
If he does opt out, that means the CCC group has a path to take control of ENZC again. However, Harry may be setting up to keep control by claiming that the CCC group gave up their Series A Preferred in exchange for 30% of BGEN stock, but if so, there's a conflict in ENZC reporting 100% ownership of BGEN due to the Novation. So, we'll see what happens.
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