Bill, he is correct. I had to read the excerpt several times myself to believe it. Apparently, the offer to lend in the form of the paperwork signed last Nov is sufficient. But keep in mind that the 10K ALSO stated that it is very likely that the $69m will NOT be infused immediately, as per earlier agreement, but would, instead, be infused by RCA and CCC over time as LLC needs the funds. The point being that LLC does NOT need all of the $69m immediately to begin funding phase I. So, given the liquidity issues in MENA, LLC has agreed to take in the cash only as it is needed. This is still a good thing. LLC will NOT be squeezed as it funds phase I.

And since we're on the subject, the $25m loan from the Qatari bank (I shall refer to it as "QB"), did seem strange at first because of the requirement to collateralize said $25m with cash (or similar) in an account at QB. So what would be the point of borrowing $25m if it couldn't be used to fund phase I? The point would be it would trigger the finance date which would trigger the $69m which would be partially used to fund the collateral/deposit with the rest going to phase I.

They have obtained a commitment by CCC-Panama to put $10m in once the contract with the Chinese (presumably) is signed. That would leave another $15m to for the deposit ... but it isn't entirely clear if that is needed since the finance date has already been triggered. So maybe this is better this way?

Anyway, I hate to keep reusing the same old and tired phrase, "...cautiously optimistic...", but that is what I am! It really does sound like an arrangement with the Chinese is soon and they don't waist time over there (look how fast it took them to build a bunch of new islands with airstrips! ... but I digress).