price of second placement

Regarding the Russians second tranche issue, couldn't the board just say "OK, if you don't like it get stuffed. $50M will do for now and we'll go else where when the dust settles"

The board and Gallagher both know an offer was made to the company at considerably more than $2.70 earlier this year. $50M does a lot of work and what is the point now selling stock cheap because the market is in a funk? IMHO the Russian will either put in at $2.70 or not at all because the board will stand firm and try their luck down the track for $2.70 or higher. With $70M in the bank not a lot of pressure to drop the placement price.... or have I missed something.


Cheers and Goodluck