Compare dated milestone context and hypothetical recovery assumptions. The appeal concerns trustee standing and capacity, not a breach verdict.
Contract context: The agreement conditions its $9 payment on all specified approvals by their respective deadlines. A missed condition does not by itself establish a breach of the separate diligence obligation. Card descriptions and numerical weights here are simplified illustrative categories, not verified allegations or proven facts.
August 13, 2026 appeal: The court addressed Article III standing, trustee capacity and waiver or ratification. It vacated the dismissal, dismissed the conditional cross-appeal and remanded. This disposition did not award damages or decide breach on the merits.
What does reopening a case establish—and what remains to be proved?
Use this workbench to explore how assumptions change a hypothetical recovery. The August 13, 2026 appeal addressed trustee capacity and Article III standing. It permitted the case to proceed; it did not determine that BMS breached its diligence obligations or award CVR holders damages.
The 715 million rights, evidence weights, recovery discount and probabilities are stored scenario inputs, not verified outstanding holdings, court findings, market quotations or calibrated litigation forecasts. The interest calculation is simple interest at an assumed 9% annual rate; the page does not establish entitlement, an accrual date or an award.
With every evidence card selected, weights sum to 0.75. The default 45% input becomes 45% + 0.75 × 15 percentage points = 56.25%, bounded between 5% and 95%. The interest multiplier is 1 + 0.09 × 3.5 = 1.315. The assumed per-right outcome is $9 × 65% × 1.315 = $7.69275; multiplying by 56.25% gives $4.327171875, displayed as $4.33. This arithmetic does not estimate actual legal success.
The Second Circuit concluded that alleged defects in UMB’s appointment concerned capacity to sue rather than Article III standing. It also found waiver or ratification on the record, vacated the dismissal, dismissed the conditional cross-appeal and remanded. A ruling about who can sue is distinct from a ruling about breach, causation or damages. Second Circuit opinion, August 13, 2026
The filed agreement defines the milestone conditions and diligent-efforts obligation. Missing a deadline and proving a breach of that obligation are separate questions. Read the definition and covenant together; this simplified scenario does not apply the contractual standard to the evidentiary record. Filed CVR agreement
FDA’s original Abecma approval letter is dated March 26, 2021. A later press announcement date should not replace the approval date on a regulatory timeline. The contract lists March 31, 2021 for the BB2121 target. FDA original Abecma approval letter Filed CVR agreement
Each included card adds its stored weight times 0.15 to the input probability, followed by a 5–95% clamp. These weights are invented model parameters. A slider at zero can still produce a positive result; a slider at 100 cannot produce certainty. The diagram’s two branches omit many possible procedural, settlement and collection outcomes.
The model multiplies the assumed discounted outcome by the effective probability, then by a fixed unit count. It does not account for legal fees, tax, discounting to present value, allocation among holders or the time required to resolve the case.
New York CPLR 5004 states a general 9% annual rate subject to its stated exceptions. That provision alone does not establish which claims receive interest or when it begins. Here the computation uses 1 + rate × years, not compound interest. Treat the duration as an input rather than elapsed litigation time or an adjudicated accrual period. New York CPLR 5004
Export the selected inputs and included cards, recording the source edition and the distinction between verified procedural facts and hypothetical amounts. Revisiting a docket can change procedural context without validating an old probability. An exported scenario is not a court record or a market valuation. Second Circuit opinion, August 13, 2026
Primary opinion reproduced by Justia: capacity, standing, waiver/ratification and remand.
Milestone definitions and diligent-efforts covenant.
March 26, 2021 approval date.
General annual interest rate and exceptions, separate from claim applicability.