(388-178*y)*x Where y is the ratchet rate, and x is the percent Portnoy owned. He could have easily owned 20% of the company or less. Assuming no ratchet, tha

(388-178*y)*x Where y is the ratchet rate, and x is the percent Portnoy owned. He could have easily owned 20% of the company or less. Assuming no ratchet, that could still be well over $30M after taxes - but it's an order of magnitude away from $550M. And assuming a ratchet rate close to 2 - that's almost nothing - even if he owned 80% of the company.