My take on this, from the very beginning, is extremely ignorant and simplistic. I still believe there is one, and only one reason to worry - timing.

As mentioned earlier, it still looks quite inconceivable to me that company with Government blessing to build on $700+ mil  worth of beachfront and solid partnership with Royal Court, cannot find another partner for that project. Nothing to worry there.

Contrary to popular belief, there is plenty of money around to be invested. I think Management will just have to adjust negotiating position. They will most likely have to give away much more shares, for much less money, and that is it.  Or maybe join forces with proper developer. Done and dusted. For God's sake we are talking $2.5bn project here! There is plenty of money for everybody. Nothing to worry there either.

However, Omagine location is excellent, and I am quite sure there are plenty of investors queuing to get hold of it, and build something different there. I do not have any idea what is the situation with deadlines just now. It looks quite impossible to get MBO completed for originally agreed  5 year period, if we do not start with work immediately.

I have a feeling (could not support it with any evidence), that if we do not start to show some development progress in the next couple of months Government will lose its patience. That is my only worry.