Pic- GHDC's outstanding shares were almost at the limit of authorized shares. In order to pay for the casino equipment in shares, they either had to increase the # of AS, or do a reverse split. Should be the same effect either way, though how the market perceives it is yet to be determined. Wondering why the odd number (17,450,535) of shares? Maybe the max that could be given out and still leave PQ et al. with a controlling interest? Maybe someone can look up the number of shares owned by PQ, family, and the rest of the board, and calculate what percent of GHDC they will still own after the RS and issuance of the new shares.

Looks like the lease payments should have started already on Sept 13, which happened to have been a Friday the 13th. Hope nobody here is superstitious. The payments will be biweekly, based on the "Estimated Adjusted Operating Profit", which as of now seems to be $700k/year. If this is correct, and doesn't change much, then GHDC should have recovered the cost of shares by the end of the original 5 year lease. Not bad. Remains to be seen if/how the "Estimated Adjusted Operating Profit" is fiddled with, since it is profit after expenses, salaries, etc. Just hope there are no PQ like characters involved to drain any profits with inflated salaries.

Lease agreement: link