Bear's hypothosis does make an awful lot of sense....almost too much sense, the pieces fit together almost perfectly.

Why go ahead and punt tens of millions of dollars...maybe somewhere in and around 100 million total when the FA is so close? The warrants included in the overnight financing now make even more sense to me.  

If FA passes, and if bear's hypothesis is correct....with a +FA leading to a deal that answer the financial questions, if those two dominoes fall...then I can envision $2.05 being a distant memory.  But rather than risking $1.40 per share or whatever, you can get the same number of warrants right now around 1/2 that price.  If FA fails and the financing doesn't happen, or if its in the form of something like toxic debentures....then you limit your losses.  And if FA is thumbs up and the financing comes through at more favourable terms the upside could still be unbelievable.