John Paul,

If potential investors were complaining about a two-year old feasability study, I think Omagine would update it. But I don't think that's the issue. I believe the study is very detailed and comprehensive and should be enough for any potential investor - assuming they are allowed to see the study. OMAG shareholders don't have access to the study as far as I know.

You seem concerned that investors won't want to invest in a project that's going to change to some degree from what's currently planned. But as an investor, wouldn't you want a company to have the flexibility to change a project based on constantly changing supply/demand for office space, retail, hotel rooms, apartments, etc?

You also mentioned that a large investor might invest and hope the shares will rise in the future. But as far as we know, the current interested investors would invest in the LLC, not OMAG. And the LLC doesn't trade. So unless the investor sells his stake to another large investor, he'll be making money from LLC's distributions, not from selling his stake in the LLC. So if the investor has a 15% stake and the project earns cash flows of $2.5 billion over the next seven years (and LLC chooses to distribute the cash), he'll get $375 million! [Note that I'm not using a present value number here. Omagine's most recently disclosed estimate is for cash flows with a net present value of $1.4 billion.]

Hopefully the imminent 10-Q filing will give us an update, but last we heard, Omagine has a signed investor and a backup investor. We're supposedly just waiting for the deceased investor's estate to settle so that the investment can be completed. If it looks like "soon" is going to turn into many months or years, I would hope that Omagine would go with the backup investor.