nice deal if you can get it.

Somebody tell me if I've got this right: Cascade Bancorp has two investors (one of whom is already heavily invested in the bank and is trying to save his investment) who will contribute 65 million.

Sounds good, right?

But, later in the announcement it says:

"The Private Offerings are subject to several closing conditions, including,
among others, (i) the completion of the Public Offering and the receipt of
aggregate proceeds for the Private Offerings and the Public Offering of at
least $150 million (net of underwriting commissions and discounts)."

So what they're saying is, they'll invest 65 million if Cascade Bancorp can convince the public to invest 75 million. Otherwise, the 65 million isn't at risk?

But of course, if they can get the rest of the public to commit 75 million, their 65 million isn't at much of a risk anymore, is it? In fact, these two investors can get close to half of the value of the new stock just by making the offer, but only pay if it actually succeeds?

So it's only at risk if it isn't at risk?

In other words, if they lose the bet, it never happened. They can only win this bet.

And whoever buys public stock is getting half the value?

Or am I missing something?