I've just spent the last few hours doing my DD on Manhattan and there's just one thing that I couldn't quite grasp (aside from the issues at next months meeting!)

Hedrin had sales of $48 million last year, yet Manhattan had zero revenue. I presume this is because profits fell under the 6% minimum of sales required by Nordic, if I'm right in saying. So even if Manhattan got a PMA, if profits remained under 6% of sales then they wouldn't get a single cent in profits? Have I read this right?

The agreement between Nordic and Manhattan says that...

"The profits of the Hedrin JV will be shared by us and Nordic in accordance with our respective equity interests in the Hedrin JV, of which we each currently hold 50%, except that Nordic is entitled to receive a minimum return each year from the Hedrin JV equal to 6% on Hedrin sales, as adjusted for any change in Nordic's equity interest in the Hedrin JV, before any distribution is made to us. If the Hedrin JV realizes a profit in excess of the Nordic minimum return in any year, then such excess shall first be distributed to us until our distribution and the Nordic minimum return are in the same ratio as our respective equity interests in the Hedrin JV and then the remainder, if any, is distributed to Nordic and us in the same ratio as our respective equity interests"