Page "Houghton Mifflin Harcourt" Paragraph 20

The Irish Times reported that the investments by the then equity holders of EMPG, including HMH's CEO at the time, Barry O ' Callaghan, private clients of Davy Stockbrokers, Reed Elsevier, and others of over $ 3. 5 billion would be written down to zero.

Additionally, the Irish Independent reported that following the restructuring, the investors of EMPG would have a nominal investment in Houghton Mifflin Harcourt via warrants over 5 % of the company if it exceeded the $ 10 billion valuation placed on the company at the time of the merger between Houghton Mifflin Riverdeep and Harcourt.

In addition to the warrants in HMH, the EMPG shareholders would continue to own a stake in the international investment vehicle, EMPGI which has stakes in China, the Middle East and elsewhere.