Can I suggest that when we see final accounts that we will see, as we have seen in the past, that GS reinvests money that the company pays him for fees and services. That the funds available to TAS do not change as a result of the transaction.
Not a bad thing. It does show he is basically prepared to reinvest and work for equity.
Glad to see you also find the TAS/Noble/CNJ/EDE relationship complicated. Have you an explanation beyond the fact that it is organised this way for two reasons. The first is "control" the second could be "a way to get multiple payments". The multiple payments reinvested to increase or maintain control.
Ann: Appendix 3B, page-11
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