So NB, to sum up your view
1. re the selling - my reference to "green-shoe" is the support of IPO float which of course is different to rights - but you could not find anything either that stops an underwriter selling post offer period - other than losing money. Thus while not restricted from selling, its a great way to turn $1M into $600K very quickly.
2. re the cap - like you this seems a big problem as it does not deliver sufficient funds to do anything much at all IMO.
3. re the IG plan/spreadsheets/estimates - that is the central point though - how would this IG financing plan allow GGP to execute going forward. I mean isn't it just possible that there is a major disconnect and thus a valid business reason for rejection by GGP. I do of course say it is common business courtesy to engage with those making the offer and supply feedback.
There is just so much we don't know (yet)and it seems to me that there is a predilection for accepting statements without reasonable supportive data.
Thanks for your inputs.
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