NRC Final License Remains Effective With No Stay Filed by Intervenors, page-4

Robot,

I agree that Empire's downside is limited, but it's only if the shares are sold after 10/3/16. In the meantime, Empire has an unrealized loss of $840k and a liability of $840k, and they are in default. The fact that Empire didn't make the January $280k payment suggests they may be less than thrilled about the deal.

In terms of Dewey-Burdock, the NRC's Atomic Safety & Licensing Board just ruled in favor of Azarga on five of the intervenors' seven contentions but also ruled that the NRC staff failed to adequately consult with the Oglala Sioux Tribe and must restart that process, which could take several months to complete. Further, permits have not been obtained from the EPA, BLM, and State of South Dakota. Both sides will likely appeal the ASLB's ruling, sending it to the NRC's commission and possibly to federal court.

You are correct that Azarga needs the cash. At 3/31/15, Azarga had cash of $1.7 million and current liabilities of $4.3 million.