it is always darkest before the dawn, page-12

I think lenders will want to share the risk by requiring someone else to put in some money, just like banks won't give me 100% to buy a house.

They may agree to allow a financial partner of the developer to contribute the funds but I think they'd want the developer to cough up something as well. Otherwise there's no financial risk to the developer if the project fails. This is where I think PAX will need to raise at least some cash, even if a VC puts in the bulk of the $28 mill PAX reckons it will need.

Given my reservations about the capex and revenue I'm not all that sure the business case is actually as attractive as it has been sold by PAX but hopefully the fog will clear. I'm certainly not persuaded to buy at present.