I understand that. But I'm just saying ICL's restrictions are probably % ownership based, not % of any given PP, which means ICL could do 100% of any upcoming PP (assuming Liberty and IFC again waived their pre-emptive rights) and increase their ownership stake in AAA. If ICL truly intends to buy this company (and it seems like a very, very strong possibility) then it's in their interest to cash in warrants at the end of 3 years and force AAA to perform the maximum numbers of additional PPs along the way. This benefits them at the expense of pre-existing shareholders.

IFC doesn't really care ultimately, since their mandate is not necessarily profit - if they get a return of original capital + interest they have fulfilled their mandate. LMM would want to make sure they earn a good return here, but what they consider a good overall return is different from retail shareholders because they are deploying huge amounts of capital - a good return to them might be beating the S&P500. I'll be dissapointed with anything less than a 400-500% nominal return on investment over the 5 years I expect to be invested here.