And there never was disclosure of the underlying agreement between Salmon/Ayers and Alas (PVEI). This Agreement was referenced in the S-1, but no details. Probably self serving IMO.
IMAG Group is still not legally spun-off. PVEI (VDSC) still owns the shares that are supposed to be distributed to VDSC shareholders at some unknown future "definitive" record date. Peter may take the IMAG Group debt off the books, but it isn't proper.