Once the deal is signed, Poet can't sell DL to anyone else without the buyer's consent.  If what we think is going to happen happens (buyer to put a whole lotta money into the deal), the chances of the buyer being bought off are slim.

Of course, someone could launch an offer for POET, likely a hostile one, but I view that as extremely unlikely.  

Let's not forget that the signing of a deal is not the same as the closing of the deal.  There will be conditions to closing that must be satisfied or waived.  

As to further tranches, once the dust settles after the Circular hopefully disloses a signed deal, I don't see why not - POET may need a little "scratch" between the Circular and the anticipated closing date.  

Lots of moving parts still, but one or two ought to be taken care of by the NR that will surely accompany the mailing of the Circular.  

If there is a deal signed, it will be approved by a majority of voting shares, almost regardless of the deal points - some will vote for it cuz management will have placed their impramatur upon it, and that will offset all that would oppose.  Done deal as to the vote, IMO.  If debenture holders have shares, too, guess what - they will vote for the deal, cuz they want their principal back!

I just hope for no more delays, postponements or the like - let's at least turn some of the cards over!