@Egeria
Well obviously there is a lot of points you are raising in the discussions. You mentioned firstly that the ' Data Room ' is privy only to those who have expressed interest in the bidding process - and you would be correct on this point. However , what I was eluding to in my post was the simple fact that ' other ' potentially exchange listed entities would also have to have disclosed this to their shareholders of their intent. Given this is a rather small market of potential players , I have yet to see anyone else throw their hat into the ring at the present moment.
I'm not sure what you're reference to the ' Pro Bono ' aspect of the deal , however I can only assume you are eluding to AJM somehow putting their name out on the deal so as to get SYA over the line in some way. I think this assertion is quite far from the actual reality of the situation given it was only 2 years ago that Nemaska was making overtones to it's eventual aspirations of cracking into and fancying itself as a potential acquisitive player in the Australian Lithium Landscape. It amazes me sometimes how people have quite the selective memory for these matters. So here we are now with a ' massive ' opportunity for AJM to backdoor itself right into Nemaska's own backyard.....
And why not as expansion into these markets will be the key to longer term growth opportunities beyond 2022.
I agree with your point in so far as an expected if not certain recapitalization and perhaps combination of equity in so far as possible alternative listing opportunities - but I disagree on your blanket statement regarding debt and equity being ' arguably ' more expensive in the Lithium Environment. I would argue that AJM would have killed to have had the opportunities in ' Non Bank ' low interest or ' NO ' interest loans as had NAL. Much different lending markets to Australia. Plus you have the added benefit of a Provincial Government who has had no problem in taking out direct stakes in these sorts of projects . I've stated my views and taken you through the court documented Balance Sheet numbers on NAL a couple of posts back ......so it's all there for you ALL to make your own assumptions on how the deal might get done.
Suffice to say that there are many scenario's whereby SYA could inherit the debt at a significantly lower amounts , and at similar generous and flexible interest and repayment terms given the current situation with NAL. In so far as the Government , make no mistake , that they want this to work for the interests of their Industry plans moving forward. And at the same time there the added benefits of maintaining continuity of employment opportunities in this regions where almost 33% of all mining jobs in Quebec are undertaken in the
Abitibi-Témiscamingue region. So together with Authier , the combined employment would be easily approaching say 400 employee's which would also then automatically qualify SYA into the ' Major ' projects space , thereby attracting even more significant write-offs and tax concession. So there is clearly a lot at stake here and much of what can really only be achieved by SYA given its already Geographical proximity's and combined logistics of it's current 3 Lithium Projects. So bottom line is Quebec just want's this to work , and at the same time ' mitigate ' and perhaps spread it's risk across multiple projects instead of just one being Nemaska.
Of course there will potentially be others who will be bidding for these assets , however as I have stated in my previous posts , I do not think Nemaska is in a position to effectively exploit the already ' sunk ' costs of circa $500 million on mine construction , infrastructure , and conversion facilities when it can't even complete it's own project within budgets and on time. So it has it's own financial constraints it would seem as well.
You mentioned GXY , but I would respond again in stating that the logistic's in distance is not suitable , and they equally have their hands full with respect to their own survival. But hey , who knows, maybe they could team up with SYA and AJM in the bid for these assets...... 
Then there are smaller players like Jourdan Resources who have tenements in nearology to NAL . I guess you really never know who can come out of the woodwork and punch above their weight - but at the same time you can also put a line through many of them in terms of the likelihood of a competing bid. That's the beauty about these sorts of ' blind sided ' opportunities. Timing is everything with all the things you are saying as negatives can actually be flipped into a positive. At the end of the day , QUALITY is the main issued of their ' Pitch ' IMO , and as such it will be the AJM / SYA processing methods which ultimately get this Deal Done. Because that is the only thing that is going to produce the end product which is desired by the Market , and up until now this has been the biggest issue for NAL historically........and I'm not personally a subscriber to the ' over supply ' issues with respect to Lithium - at least not by 2022 anyway........
(20min delay)