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      "text": "After this poor performance, Management reforecasted its FY 2019E estimate (11+1) and created an updated version of the 5 Year Plan which was approved by the Special Committee on January 15, 2020",
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      "text": "As Kingswood continued its diligence, several key issues arose: Stratosphere's financial performance continued to deteriorate... Kingswood believed several agreements signed by Management were expensive... Kingswood vocalized concerns over the large severance liability...",
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      "text": "In the interim, Kingswood sent drafts of key transaction documentation including the Merger Agreement, Voting Agreement, Equity and Debt Commitments and Rollover Agreement as it progressed on non-value workstreams",
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      "text": "On January 20, 2020, the Special Committee rejected the $0.75 per share purchase price with no counter-offer provided as it determines what, if any, next steps are to be taken",
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      "text": "On January 22, 2020, Kingswood reached out to PJS to raise its purchase price to $0.85 per share and provided PJS with its executed Debt Commitments with Wells Fargo and Pathlight: The debt commitment agreements indicated that minimum Excess Availability at close would be $75 million; Kingswood informed PJS on January 24, 2020, that its revised Debt Commitments would include a minimum Excess Availability at close of 35% of the Loan Cap and that the Merger Agreement's Material Adverse Effect clause would reflect the same 35%",
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      "text": "On January 17, 2020, PJS received an email from Kingswood detailing their response on the three remaining open items in the draft Merger Agreement: $0.75 per share purchase price, Excess Availability at close of 32.5% of the ABL Loan Cap and 5% equity value parent / Company termination fee",
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      "text": "Following a weak November, Kingswood decided to slow the process to be able to observe December performance: In November, actual adjusted Adj. EBITDA was ($4.9) million vs. the 6+6 projection of ($0.5) million; In December, actual adjusted Adj. EBITDA was $18.0 million vs. the 6+6 projection of $21.7 million",
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