I am at a loss why any NME shareholder would participate in a CR...

I am at a loss why any NME shareholder would participate in a CR whose principal focus would be to repay Director loans.The same individuals who ran the company into the ground in the first place.
If you are looking at "blue sky" potential look at the MC of GMD who operates in the same area.Any semblance of this can only be achieved by the ownership of these leases under a single entity.
The current reluctance of the NME Directors to accept the offer a direct result in the realization that if the offer goes through,they are un-employable on any other Board around the country.