If the subscription agreements have not yet gone out, I would have to assume that the large investment firm has not yet agreed to terms. Had it agreed to those terms, the docs would have gone out via email immediately.

That is a big assumption with no back up facts. How do you know the terms haven't been agreed upon? How do you know that if the terms had been agreed upon the docs would have gone out immediately? Are you privy to this information from Kry?

When all parties agree to terms, isn't the financing subject to exchange approval? If so, I wonder if the nature of the financing will cause some delay since this is the first financing based upon a litigation/arbitration outcome in many years and hence the regulators may not be familiar with the nature of it, thereby causing some delay. Even if it does, I do not see how this can affect anything.

Have no idea what you are trying to get at. I believe Kry stated the PP would be subject to exchange approval. I have no idea how the exact working of this approval is but I WOULD ASSUME that the approval would be in place before going ahead with the PP.

On a related note: Could the two hedge funds be Greywolf and Tradewinds, investing in the financing in order to protect their investments?

I suppose it could be them but I thought they sold their shares so I don't know how they would be protecting their investment if they sold. That isn't to say they still believe in Kry getting a settlement and thought more money could be made by selling shares and buying debt.

Finally, in support of the concept that the financing will be approved or has been at least informally approved is this note from RM to an acquaintance: " In the brief update I had on Friday the team was working to bring the financing process to a close by the 23 rd . Rgds, R." Even though his language is indefinite, it does not sound like he is referring to a financing that is not about to be successfully concluded.

Not sure what your saying for sure but it sounds like you think RM's comments are supporting the PP getting done. RM has been saying the same thing for quite awhile now. He has maintained that management is working to get the deal done by the 23rd. I wouldn't read more into it than what he said. No guarantee.

Tic Toc

JJ