Jan. 25 at 4:35 PM
$FBIOP Lindsay Rosenwald held 127,500 shares of FBIOP as of July 2024.
If the PRV is sold by the end of March to provide Cyprium PPS their 2x liquidation preference, and the Fortress BOD votes to become current on their dividends in arrears to the preferred shareholders at some point in April... 21 months of dividends in arrears is
$4.10 per share.
Rosenwald will receive a net payment of
$522,949.
Likewise, if the company decides to fully redeem the shares, it would cost the company the
$25 liquidation preference, plus the
$4.10 in arrears, just shy of
$100M in cash (less likely), Rosenwald would receive
$3.7M.
The company will likely lay out a plan similar to Care Cloud's in November (catch up / doubled payments until the arrears have been satisfied). I doubt they will redeem. Fortress is looking more like the retirement plan for Rosenwald and Weiss with each passing month.