worst case 3c per share cash best case cadlao , page-35

Blades argument is the Legavi letter of finance is not to the correct dollar amount. Also Legavi is only a broker not the financier. The financier was not identified. Also they were not ready for drawdown.

It seems Blade did not want Raisama to get the finance at the end, as they had already found a new financial partner themselves.

In the last few days prior to Blades termination, something happened. As mentioned I think Raisama got finance to a higher level and / or Blade found a new financial partner, and Blade did not want Raisama so they terminated. They only had to wait a further 3 weeks and they could have terminated legally. There is a question as to whether termination was legal. Blade reserved rights to terminate under a previous notice. I would have to look back over my notes.

There are a number of legal questions to be answered. Arbitration may look more at the whole intent, rather than the black and white legal (yes / no ) decision. Also arbitration can take longer, and that did not suit Blade.

Raisama presented a letter just an hour be fire the last trial to Blades
legal team, and had to hand present it to the judge at the time of the last hearing. The judge did take time out for the solicitors to chat and then reconvene the hearing. Neither party changed their position.

Fortunately Blade have applied for time extension and it seems are not actively proceeding with the spudding etc. Otherwise there would be a claim for damages as well.