Ill get harpooned for this, but...
'The issue is whether the $85m gets things comfortably to cash positive.'
Agreed again. Next move by RSG must be a CR which they will underwrite.
Unlike you i dont think it will be a large CR as that would give some comfort there's enough money in the bank to see it through to profitability, which would encourage holders to take up offer shares (assuming its a rights offer of course).
So i see a series of smaller CRs, each having a shortfall which will go to RSG. With each, RSG increase their ownership in the company. Death by a thousand custs if you will.
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