Ann: Michael Malone Appointed as Non-Executive Chairman, page-125

I agree with a lot of the uncertainties you have stated, yes it is hard to model the economics of SAS so early, but that’s half the risk with investing in them. Need to believe that they have an economically viable solution in a long term view, even after a few hiccups. 

However, for SAS to appoint MM purely for sprucing the SP up for a future CR seems far to optimistic as a solution for funding. Generally appointments won’t really affect a SP enough to the degree you’re thinking unless they appoint the 0.0001% giants. If they wanted to spruce the share price up, they are going to have to do ALOT more if they want to force a CR, which doesn’t seem like their intentions right now. I personally believe MM has probably been working behind the scenes for awhile, and now he is ready/in a position to execute 2019. By waiting to appoint him now rather than earlier, they minimised complications to their last quarter, now they have the ability to let MM work this quarter for what it’s worth.

All IMHO, you do raise some good points though.