IMO this CR, though unfortunately dilutionary, was not actually required.
Speculating here, but it's not too hard to imagine a scenario where Tribeca and Margot wanted to be a part of the Merlin distribution chain and approached LOM board for a stake in the company, and wanted in cheap.
It's possible the $7.5M was a cash call from the kimbo JV, but no doubt that call on all partners would have been made with LOM full support.
Ann: $12.5 Million Institutional Placement, page-62
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