Although its unclear the size of the stake the Microsoft currently holds — shares could have been sold or transferred over the last two years that would
modify equity percentages — the relatively small amount of cash that B&N is paying Microsoft suggests that Nook Media is not worth all that much.
For
Modified Cashflow Structure, the Shift Threshold is the dollar amount of
equity cashflow paid to Fannie Mae at its initial
percentage share of
equity cashflow prior to shifting to a lower
percentage share for Fannie Mae; In the event of certain return and cashflow events, the investor will receive a smaller
percentage of the cashflow to
equity after the Shift Threshold is achieved