Even I thought they'd sell between a million and two million on the fourth tranche.  Disappointed, and is, unfortunately, negative evidence.  Not sure of what, exactly, but my leading candidate, as it has been for a long time, is OI not ready for prime time yet, and likely is a ways away time wise.  It dovetails with what has happened lately - no news, no buyer sig on the dotted line, delays in AGM and DL sale vote, low, low share trading volume.  And you know Mike White was really trying to sell those debentures.

Notwithstanding the glowing and, often compelling, rhertoric, this tranche sale speaks louder than any prior negative evidence.  

I am sad to see this at this point, always feared it, but it's becoming clear (to me, anyway).