My understanding of what has to happen is as follows:

The ratification will occur, but it's delay will not prevent anything else from happening and, in fact, it benefits us in that the clock does not start ticking until the ratification is completed. This gives management that much more time to get "stuff" done. Again, the delay in getting the Usefrunct (sp?) ratified is of no consequence.

Management's published commentary indicates that the selection of a syndication lead (what had been expected to be Parabas (sp?)) will probably occur by month's end. This lead will then put together a syndication of other banks who will, eventually, provide the secondary financing for the project down the road. This syndication process could take up to a year from when the lead bank is picked (i.e., end of March), but more likely 8 - 9 months, for the secondary financing to be arranged. This is NOT dependent on the ratification.

Once the secondary financing is completed, the $69m that we've been talking about will flow to the company. This is NOT dependent on the ratification.

As for the land, the valuation process is ongoing and it may or may not be on the books by Q1, although I think management is striving for that to occur. Time will tell. Again, this is NOT dependent on the ratification. It is important to recognize that the initial valuation will determine the $amount of the RCA's investment. Any future changes in land value would impact the companies' value, but not impact RCA's investment. So the initial valuation has to be done carefully and reviewed by 3rd party accounting firm, etc.

In my opinion, the low hanging fruit and the item with the biggest bang to it, is the land valuation and that seems the "easiest" to get done in the short term. So perhaps this is something we can all take solace in.