From €4 Million, to Zero, to €12 Million

I, I think we, we managed to stay like at zero in the end. We were not in, you know, any big loss, but, but still, like you are, you know, wasting your energy and time on something that you don't know whether it will make money again. And then we thought, actually it was Corbin's idea.

I have to give him credit that. Yeah, we have to. We need to be committed. Of course, not only because of employees and because this is our responsibility to take care of the company, but also we have to decide, okay, so are we really like 100% in?

And we really did believe that exhibitions were, will come back. And if you believe that, then, okay, let's go 100% in. Let's approach the former owners and ask them to buy back the seller note.

And we approach them at the time when it was still not clear whether Covid will go away and whether exhibitions will ever come back. So it was still at a time when it was not sure whether we will make it or. We were bankrupt. And thanks to this huge uncertainty, we were able to negotiate huge discount and we bought back the seller note for such a big discount that it effectively decreased the…

By a third.

By a turn.

By a turn. By a turn. Yeah, because the seller note had been what percentage?

25%.

25%, yeah.

And we bought back this seller note in exact proportion proportions to the equity ownership so that there were no conflicting incentives, so that the like debt, like new debt holders, had the same, you know, percentage ownership as the equity investors. So the percentages were right.

So you guys, you bought, you as an entity bought it, bought this debt. No, the investors bought it, the investors bought it. So you still had a debt and.