I think you're on the right track - KXL would be looking for a buyer or a JV - which was really the plan all the way along. I put myself in the shoes of a major investor e.g. Richardson and would want resource delineation, given the markets and the cash position.

In hindsight, I wish of course that in the Fall of 2007 KXL had picked up $110 million in financiing instead of $55 million - they did have the market willing to do that at the time - but I can understand their decision not to dilute at the time. We would look different with $85 million in the bank now.

Of course my finances would look different too, if I'd followed my own postings here on the KXL board in Nov 2007 and Feb/Mar 2008 calling for an S&P below 1250 by now (way below, as it turns out).