It can't be considered "over subscribed" until the cash is escrowed, however, "in excess of the $120m being sought" suffices.

If I wanted $10m worth of units, did I deposit $10m in escrow and then at closing find out I will only get $6m and I get the $4m wired back to me? Is that how the process works or do I request $10m and wait for them to get back to me and say, you only get $6m and I escrow the $6m?

Looks like we will have to be content with "in excess" language, which is good enought for me.

I didn't see in your quote where Richard said specifically "no, over subscribed is not the appropriate language". Can you provide that part of the email?

Is one of the investors "strategic"?