Oh yeah, obviously I didn't try to say everything that one could possibly say about the arrangement. You're right, from IMSC's standpoint, having someone willing to put in $20 million is unusual and a huge vote of confidence. And DMRJ still believes IMSC will succeed, so dropping into second position behind the new party is not a problem for them.
Keep in mind, though, that they're only subordinated to the extent of the new $20 million. They remain next in line, with a continuing security interest in all of IMSC's other assets, if things don't work out.
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