Obviously all four parties involved thinks it worth more than the mortgage as all bid higher than that in an attempt to gain 100% ownership of the project.
SRK bid $3.2m + debt = $37m
D & C pesca bid $27.5m + debt = $62m
It's unclear from the announcement what the others bid as we don’t know how many shares there are but presumably both the other bids were higher the 37m that SRK offered.
By the way all of the debt is owed to srk so if they are not paid out in full they will receive 100% ownership of the project.
This is my understanding.
to receive us $62 & market cap $16m wow, page-137
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