Looks like a T20 holder has had enough, page-135

Debt
I would be of the opinion that ERM would prefer the debt being paid out by a third party. More than likely there would have been a Plan B on a poor outcome of RGN. It would not be in ERM's interests (being the largest shareholder) to abandon EGO to a "usury lender", more than likely a convertible note specialist.
The timing of the consolidation may also be part of the debt repayment plan.

Data Room
In my opinion was closed down as the management did not believe in the estimates. The Black Swan Survey is testament to this.