Hey 618 - I believe I have a sense of where wot is coming from on this. I also get exactly what you are saying in your take on this scenario. As you've probably gathered, wot tends to express things in a manner that makes a lot of assumptions and leaves a lot of the detail/context out. I think the main issue here is that wot is looking at the scenario from a broader and looser perspective than the specific transactional parameters of your analysis of this - probably more focussed on what underlying assurances/understandings there might be among the larger parties involved, moreso the stock lenders and any potential TO aspirant(s).
I am not normally one to go for conspiratorial theories, however past experiences of extraordinary corporate dirty tricks with the likes of NXS and BRM (both a long time back now) have left me with a degree of ptsd on that front
Happy to have a further chat offline to try and flesh out a bit further if you like - would probably help me get a better understanding of what is realistic on this front just as much as for you to better assess what wot is trying to convey
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