I'm pretty sure he wants to sell PNC at some point. Half the presentation was designed as a teaser for potential buyers, imo. I'd be pretty surprised if there is any intention right now to pay down debt with a cap raise rather than run the business out of this trouble and then try and sell it. Given he sold the first iteration of PNC, and was happy to sell this one a couple of years ago, it seems more than likely that's his plan. If I had to guess the timeframe I'd say 12-18 months max.
