Tada we are on the same page and I have typed up a number of similar posts to yours over the past year or so on this (excluding your bit about CCAA, which you are correct on).  

Further to your thoughts though, Eastern by my recollection has roughly $35MM cash invested in RVX but is on the hook for another $68MM if RVX does not meet its obligations in some form (payout, renewal etc). To me, when Eastern owns so much of RVX and the Zenith royalty preferreds, it makes no business sense for them to not support their investment when the first thing they would have to do is reach into their own pocket to satisfy the debt. Even though  they are well collateralized it does not make much sense to triple their exposure while at the same time putting their investment in a potentially riskier situation.  Guaranteed that if RVX goes away so do the RVX royalty preferreds which they effectively own 38% of. Not to mention how this would damage what seems to be a very good working relationship with Zenith management. A further risk to Eastern is that if they step away, Hepalink steps up to provide guarantees and gets an additional equity position as well as the call on the growing pool of RVX IP and financial collateral.   Hepalink I'm sure would be quite motivated to protect their cash investment as well as their licensing agreement.

Even with an increase in the loan I think whoever has the call on the collateral is probably still in at least a break even position in an RVX collapse where those without that call just lose their investment the same as we do. 

Just my guess by I would bet that Don already has the basic framework of a refinancing deal in place but is working on a nondilutive arrangement right down to the wire. Again just my guess on this point.