It is only $25 million if they collect the cash and then only after 3 years with 60% payable in year 3. In effect there is more hope of being paid than expectation. Hence the so-called $6-9 million EBITDA associated with the assets is also as dubious as the $25 million - which casts a bad light in management's credibility. I suspect that there was pressure from the auditors to provide for bad debt (or potential debt) and instead of crashing earnings that way, they decided on the wheeze of selling those assets to middle management. Remember that they re-confirmed guidance only six weeks ago (EBITDA mid=point $80 million) and then suddenly down to mid-$70 million. Even if they collect, then what is the NPV of $25 million over three years? Perhaps $18 million at reasonable discount rate - or 3/4x EBITDA. Is that what these businesses are worth? These are the reasons why Velti is sub-$4.