WSO Special Situations Oilfield Case Study Issues

Working through the oilfield case study in WSO's PE pack, and the solution is a headscratcher.

Right off the bat, I'm pretty certain the preferred equity distribution on row 206 of the solution excel is mislinked.

The bigger issue I'm having is that the waterfall is calculated as such:

Starting Sponsor Equity (sponsor preferred + mgmt common) = ($40.8)
(+) Returns Accrual = ($40.8)*Hurldle Rate of 10% = (4.1)
(-) Repayment = MIN(12.2 in dividends, Starting Sponsor Equity + Returns Accrual)
=Ending Sponsor Equity

The flows available for tier 2 are then the dividends less repayment, so 0 until the last year when we take into account exit proceeds, since the dividends are pretty much always smaller than starting sponsor equity + returns accrual

It then does the same build but for only preferred and only common with their respective starting equity amounts, and multiplies the repayment by the % that goes to them in that tier.

Now in year 4, there are 13.4 of dividends. Based on the above build for preferred only, their repayment is 9.0, and for common, it is 0 since the dividends attributable to them are greater than the starting sponsor equity + returns accrual.

But the line below for cash available for tier 2 still says 0. Where is the difference of 13.4 - 9 going??