  In recent measurements of tunneling transport through individual
ferromagnetic Co nanograins, Deshmukh, Gu\'eron, Ralph et al.
\cite{mandar,gueron} (DGR) observed a tunneling spectrum with discrete
resonances, whose spacing was much smaller than what one would expect from
naive independent-electron estimates. In a previous publication,
\cite{prl_kleff} we had suggested that this was a consequence of nonequilibrium
excitations, and had proposed a ``minimal model'' for ferromagnetism in
nanograins with a discrete excitation spectrum as a framework for analyzing the
experimental data. In the present paper, we provide a detailed analysis of the
properties of this model: We delineate which many-body electron states must be
considered when constructing the tunneling spectrum, discuss various
nonequilibrium scenarios and compare their results with the experimental data
of Refs. \cite{mandar,gueron}. We show that a combination of nonequilibrium
spin- and single-particle excitations can account for most of the observed
features, in particular the abundance of resonances, the resonance spacing and
the absence of Zeeman splitting.
