>If Falcon doesn't proceed with the Buckskin Mesa project, how many shares of Falcon will PHUN still be in possession of to sell?

First, let me say this is complicated stuff, so I'm not 100% sure about everything, but it's starting to become clearer as I go and I'll correct myself as I go along if required. Anyone else please feel free to point out any errors as well.

Anyway, PHUN got 28,88,888 Falcon shares. That's a done deal, regardless of the outcome of Buckskin. PHUN also needed cash right away to pay off debts, so FO loaned them $5 million. The $5 million went straight to PHUN's creditors.

As collateral for the loan, PHUN had to use 1/2 of those shares. The other half they are allowed to sell. It looks like they have sold some already.

What I've learned since my last post, is that at least 1/2 of the money they get from selling the shares that they are allowed to sell, goes right back to Falcon to pay off the loan.

"..all remaining common shares may be sold by PetroHunter and, of the proceeds received by PetroHunter, 50% must be paid to the Company (Falcon) to extinguish the then outstanding loan balance."