RE:They don't even have cash to pay for the first payment!Ahole. Go to page 54 of the purchase and sale agreement. The first instalment is not due until they run the numbers and figure out whether an earn-our is even payable. There was no extension of the first instalment. End of story!!!
PROtrading wrote:
First, the full 144M pounds was due in October (before November). Then they amended the deal in November 2015 to allow them to defer a MAX of 50% to Feb 2017.
Well, they didn't have cash to pay for the earnoout so they had to use that special extention. BUT they don't even have the cash to pay for the first earn out, that's deferred to December as well!
If you can't pay your bills and you use cash from one debt to pay the other, you know you're heading down a slippery slope and this a BIG slippery slope.
Watch and learn!