I think Catalyst is toast and this entire crazy deal is for the benefit of them needing cash. My guess, they did it this way to call it a capital gain or use some other tax benefit as they surely have a lot of accrued losses to offset any profit. I think Catalyst needs some cash. Thus they get 41% of the U$30mm designated for the buyback by tendering shares, since they own 41% of the shares.
Also, de Alba has to be so overwhelmed wearing so many hats, he does not have time to properly manage anything, dispite being able to speak 4 or 5 languages.
I don't know how he talked these guys to support his new venture deal that appears to be a breakaway from Catalyst. JM .02, which is about how much I would make, if I tendered my shares.
Distressed shop GDA Luma set to launch, anchored by billionaires Boehly, Claure (buyoutsinsider.com)