so it seems. from my angle - if they do tap the market then will...

so it seems.

from my angle - if they do tap the market then will IG participates and what will he sell to do so?

I hope he does not participate and get diluted - if they tap the market.

but my gut feel is they will delay it or go into more debt. more debt is another option and it is not going to be big debt considering what they are producing now.
Also to take in consideration is, once ALK releases the SS they are very likely to negotiate JV which means sell about 80% of NMPP for 20% carry-free stake. Whoever they talk to those parties are waiting to the results of the SS before making firm offers.