I didn't want to entertain CE/MIN in prime position to do a GXY...

I didn't want to entertain CE/MIN in prime position to do a GXY with their interest in PLS but I think given his past on the legal front to get a stake in PLs, the option favor CE blocking any CR.

On a very speculative reasoning, he could if PLS is desperate for cash try to defer SPP forcing the mine into C&M which effectively is the nail on the proverbial coffin. Then do a GXY and purchase the debt thereby inheriting the company. It all depends how desperate PLS is for a capital injection. Without much fom the company officially and reading between the lines, I suspect they are in urgent need but meeting resistance from Insto for a quick raise either through the usual price disagreement or just no one is interested.

The speculation continues but given by what the company had been releasing including KB's explanation about the high IO impurities, I would be disappointed too if I was basing my investing on such ascetic papering over the issues.