Analysis - from 10c mark, page-2

I don't know how they expect the entitlements offer to be filled. It didn't fill last time, and last time there was Pacific Road offering $50m. What changed? Looks like they will lock in the refinance first, *then* do the entitlements. How can they do that with Orion but not with Pacific Road? BLK has the negotiation leverage here with Orion - if Orion call in the receivers, BLK is worth like $2m in a receiver's auction. Orion has no choice but to refinance. Nonetheless, doing a $36m entitlements issue at this point, on the back of a failed $12m one, seems a bit iffy.