Khao,
Hope you don't stop the posting , you make valid points.
Re underwrite by Sumitomo. I am certain G.W had very good reasons for not going down this path. He has made numerous trips to Japan and by all accounts established what should be a very long lasting and mutually beneficial relationship.
If his background was not in global finance I would query the underwrite issue. However I am putting my faith in his financial acumen to do what he thinks is in the best interests of retail investors.
Ann: Tivan launches $7.5m Entitlement Offer for Shareholders, page-61
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