Dec 1st ...D Day, page-12

Exactly... Hence today's announcement.

Castlelake are not in the business of managing oil and gas properties... So they don't want to take ownership.

Castlelake opposed the funding by KM and won that battle.. The priority loan would mean that KM would be paid before Castlelake and KM would have earned 14%

if Castlelake do not provide any additional funding they maybe able to go back to court to prove that the lack of funding is devaluing the asset.. If the judge agrees chapter 11 will be thrown out and Castlelake will take possession.
if he doesn't agree castlelake will be forced to fund the sale process