On the CC, Lutnick explained--three times, "slowly"--that the additional $484M will be received over the next 15 years (possibly less) if NDAQ's TOTAL GROSS REVENUES are more than $25M each year. Since their revenues now exceed $3B, that's a pretty good bet!
Lutnick kept stressing that one of the reasons he did the deal was to make the market understand and properly value BGCP's (remaining) assets. I'm long shares and calls, so I hope he succeeds!
I should have mentioned Lutnick was asked if BGCP would pay off their debt. He would not say, but pointed out the $484M (in NDAQ stock, not cash) would be received pro rata, which would offset their debt service. I looked at their 10Q, and he's correct.
He also said there would be more info coming as the deal nears completion. I expect a drumbeat of news items and pressers over the next couple of months.
His answer on that was great! Use the future income of $484 million to pay down the debt over time as any business would, leaving the $754 million in cash available for other things such as distribution to shareholders, and expansion of the business. It was also great to hear him say that he was glad that now the market would start to appreciate the value of the holdings which make up BGCP.