the %'s you reference are for the JV's to earn their %'s (Aul of 40), then notice the split based on earned %'s....so Meo paid much more....as I understand it.....more like 55% of excess of 3 million....

am I right....others opinion

and #3 likely is based on current earned %'s less any new JV and their earning requirement.....Pennine may have joined....their mgmt is already onboard...if they can just survive their shareholder challenge...postponed again until April