Have not read HUO's announcement yet but my best interpretation is that the total A/R from Huon of 17.5M which is already reduced (on RIC's B/S by the 1M provision) will be settled for a payment to RIC of 12M. In this way, HUO claims compensation of the difference i.e., 4.5 M and RIC claims a win-win with the receipt of the remaining 12 M which is cash flow positive.
It should all come out in the wash with June 30 statements but I see both announcements intentionally unclear and both companies owe more to the intelligence of their S/H than what they presented. Cheers.
HUO/RIC Settlement, page-3
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