You missed one consideration. What if the investors already got their profit? What if they got shares a long time ago when the plan was first conceived? The investors would have most likely gotten a discount on the pps at the time. If so, I suspect they are long long gone with their profit.
I feel fairly confident that the concessions are paid for in full and there is no contingent liability owed for them except for the remaining 25% mmte doesn't own. Yet anyway.
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