I agree with the Dude that the PP allows somebody to front run the deal at a low price. The if this was not RVX view would be this PP together with ORI conversion, Don's statement re before year end etc we would be thinking something is definitely imminent or expected and this PP is only strategic in showing a partner RVX is not going to run out of money and the cost of this strategy is to pay the "somebody" for allowing RVX to show some financial strength. 

The this is RVX view is this backstops a no deal scenario (assuming it goes through) and gives them another 6-9 months to bumble along. Last financials they had approx $8mill owing, got $4mill or so from Hepa and exempt distributions (not exact), and by the end of Jan will have had a cash burn of say $3mill since July financials. That puts them in a deficit of $7-8mill or maybe a bit higher. They get $13 which gives them breathing room for another 7-10 months if just paying DM and friends and rent. However, if it reaches that point, you would truly have to wonder if a deal is in the cards and personally I will exit most of my position, as it will enough is enough for me.