Admittedly I haven't combed through the docs but surely the...

Admittedly I haven't combed through the docs but surely the majority of the $5m headline fee for the services of the investment banker are contingent on a 'successful' outcome?? Wouldn't this fee be based on a percentage of the overall size of the deal, like that of a capital raise or IPO?

Lowering my sentiment to hold - seems like a lose-lose situation now as far as pursuing this TO/merger. Take on unnecessary and disproportional risk in the event it goes ahead, or, flush cash down the drain if it doesn't.