Subsequent Events

12 Months Ended

Jun. 30, 2020

Subsequent Events

Subsequent Events

18.          Subsequent Events

On July 17, 2020, LMCS, a majority-owned subsidiary of the Company that operates as a business unit within our MCA segment, entered into a series of transactions resulting in the recapitalization of LMCS.  The transactions included an amendment to the operating agreement of LMCS that reduced our ownership from 80% to 51% of LMCS and the grant by the Company to LMCS’s non-controlling member of a right to purchase the Company’s remaining equity interests in LMCS upon the occurrence of certain conditions, including, without limitation, the repayment of an intercompany note from the Company to LMCS.  The transactions also included (i) the waiver of LMCS’s obligations to pay contingent consideration to the non-controlling member, (ii) the termination of certain warrants to purchase the Company’s capital stock held by certain affiliates of the non-controlling member, (iii) the assignment of certain contractual rights of LMCS to the non-controlling member, and (iv) the amendment of an intercompany note from the Company to LMCS.All conditions required for the non-controlling member to have the right to repurchase LMCS have been met as of the filing date of this report, with the exception of the repayment of the intercompany note.