I don't know what to think. What writing on what wall could they be seeing? Interaction with govt ministries is finally behind us, along with their long delays. Land has a conservative, and probably low, valuation. Highly likely to be on balance sheet ... but even if not, the foot note and quality of this asset is such that all the major banks Omagine has been talking to have clearly indicated that they see the usufruct rights as solid capital. The estimated debt load at the max is well below the usufruct valuation and it appears that obtaining project financing from highly reputable financial firms is not going to be an issue given the strong appetite indicated in yesterday's 8k.

So why are sellers jumping ship? Haven't a clue. Only consolation is that the volume, whilst high by historic terms, is certainly not anything to write home about.