James, Thanks for the analysis.  One thing I can't wrap my head around is 15% vs $50 million.  I think the $50m is just the start of the investment.  In VERY round numbers, the land rights are worth AT LEAST $700 million.  Assuming no other meaningful assets or liabilities, this should be the rough value of LLC.  15% of $700m is more than $100m.

Anyone have insight on what the obligations of the new investor(s) would be, beyond the $50m?  

Agoracom, feel free to elicit a response from management, or at least have them point it out in whatever past filing is out there.

Thanks.