Perhaps the same entities who were options for providing debt...

Perhaps the same entities who were options for providing debt previously when they were cashflow negative? Got to remember that this is appraisal, not development. Phil holds a big chunk of these and there's no way he's going to do a VEN on himself. Yes, everything is a possibility, but please don't put foxes in the henhouse due to an unlikely scenario. I'll say it again differently: they really don't need much more than a debt facility the size of which they had with KBC. I can't see that being that hard when they are reserve backed and have a high chance of success at O2... and therefore a high chance of being cashflow positive into perpetuity.