where are those tranche 2 funds, page-8

They have committed and would run the risk of never being included in another SI placement with that broker.
That said some possibly wouldn't care. All depends on the relationship between the broker and the client.
The test hole at Merriden has nothing to do with anything.
Big buyer this morning that was met with a seller very quickly so who knows?
I think we should here by this week one way or the other hopefully.