BLK so far has shown it is unable to obtain finance/loan from...

BLK so far has shown it is unable to obtain finance/loan from investors. The refinancing option is limited to the actions Orion choose to take. The main thing lacking here is company releasing information on profitability, at this point it is highly unlikely for the company to withhold information regarding improvements.

Then lets analyse Orion's options.
1. Orion calls VA and starts process to get back its money. It will be ranked after employees and MLD entitlements but before all others. Assuming current company goes towards paying off employees and MLD, Orion has to try to sell the operations to another party to recoup the money. This is a risky move given the lack of cash assets backing and the history of unprofitable ventures at Wiluna, in addition the operations is not a clear cut asset as it will have rehabilitation and other often overlooked costs that comes with ownership.

2. So before going to VA it decides to go to shareholders to get paid. The shareholders mentality is important here, majority of the shareholders are under water and the prospect of 100% loss is hanging in the air.

3. If shareholders do not bite, then Orion goes back to the remaining options and calls in VA. Find it difficult to picture Orion extending the loan without any proof of improved cashflow at the operations.

Summarising not much has changed in terms of options for BLK to before Christmas, the operations so far has not demonstrated profitability to the extent it can attract outside finance. Orion holds all the cards and wants its loan (plus interest) to be paid, it does not care about shareholder value. Shareholders participating in the recap plan is at great risk of throwing in more good money after bad. Unless of course the price of gold goes up significantly, but this goes back to my original post then just bet directly on gold and not have all the extra baggage that comes with BLK.

It is sad to see the holders facing further losses. The current holders may still be better off trying to get their money back through other means such as legal, given the number of questionable disclosure issues and management decisions.