It's pretty obvious now that it will go down according to plan. Neomedia is going to make it. YA will convert as much as they can. Neomedia will pay off as much as they can.
Since you can expect a hailstorm of deals following the Kraft announcement as well as strongly increasing revenue from now on, shareholders and management will split the bill somewhat evenly, then YA gets out and it's finally payday.
Check out Alfonzy's post on the CC/debt as well as the last 10Q. Neomedia apparently has been paying down YA debt for a while now.
Looks like Ms. Marriott really did it. Wonder if she'll stick with this shop once it's running. Microsoft needs some good people I hear.