JohnPaul,

My completely amateurish responses to your Catch-22 concerns are below...

In order to start with the Project Development, Omagine needs to get that $69,233,125 of Deferred Cash Investment....

To trigger the finance agreement date, which is part of the conditions for the deferred payments (the 69 million), Omagine needs financing for the "first phase or all or any of the phases." The first phase has been estimated to be between 5 and 20 million.

"The cost for the Phase One Activities could vary substantially (from between $5 million to over $20 million) depending on the scope of Phase One Activities LLC determines to undertake as Phase One – which determination will be driven primarily by the availability of financing for Phase One."

So, they could sell off some equity or find financing, it is not solely dependent on the 69 million. Nor is the total capital required to fund phase one 69 million.

...In order to get that investment, the Contract with CCC will have to be signed...

A contract needs to be signed saying they are going to be the general contractor. I feel like the design details of the project would not be necessary for this to be agreed upon. They could submit time and material costs for the general scope of the project. Not to mention CCC is a shareholder in LLC so efficient and cost effective work by them during construction would still be to their benefit.

...In order to produce a meaningful Contract, Design and Financial part of the Project Development will have to be completed....

Again, design does not need to be complete for the general contractor to be chosen. There could still be competitive bidding between sub-contractors that the general will hire during bidding after the design is complete.

...In order to start with the Project Development, Omagine needs ............................

The way I see it, the land valuation being released will be the catalyst. Depending on exactly how it is accounted for, I would imagine the value of that land could be used as collateral to find debt financing if necessary. Or, it could be used to attract other investors in LLC.