I have every faith in PO and BG- - in their ability to screw the regular shareholders to accrue  the value of LBSR holdings for themselves. Yes- I understand they would loose equity value- maybe even hundreds of thousands- in a bankruptcy- but-  if in return- as creditors- they then gain LBSR's land holdings - those potential BILLIONs in potential assets (if only we could see them proved out) would be worth it. I'm sure I don't know all the intricate ins and outs- but I'm sure they could find a way. Likewise - I agree going private is more likely- and I'm sure they could find their way around any obstacles to achieve that end- followed promptly by a deal for drilling with a partner who could then richly reward them. Legal niceties? Hasn't been an obstacle thus far- see JB, et al.