Good Oil Neither of us knows for sure whether the defendants'...

Good Oil

Neither of us knows for sure whether the defendants' liability is joint and several or just several. It could be either - it depends on XST's agreement(s). It's a matter of contract, e.g. if the connection between the parties is sufficiently close or otherwise related or there is sufficient common purpose.

That said, I haven't agreed in any of my numerous participation agreements or sub-underwriting arrangements to be jointly and severally liable with other applicants or sub-underwriters - but it's possible.

Whether or not each defendant's liability to XST is just several or instead is joint and several, may not matter too much in one sense because, even in a conservative case (i.e. several liability only) each defendant will owe XST a serious amount of money (depending on what amount/share they agreed to fund) that's worth chasing. That's good for XST shareholders.