Ann: 2017 Half Year Results Investor Presentation, page-7

You don't think they DID try to raise equity? Do you think it's as easy as just holding out a hat and having generous institutions pour $100-$150m of fresh equity into a company which is bleeding cash and has a woeful track record of capital allocation?

My read of the situation is that they did try and raise equity, but the terms on which any equity was willing to come in were so onerous as to actually make selling a crown jewel for a 2x EBITDA multiple at bottom of cycle earnings a relatively attractive idea.