Last money in.1rst money out. That only works in dip and is by a court order. In this case, it seams all lien holders agreed to do a dip. So there is nothing much to argue in court. Judge will note that there was extensive effort to secure funding by loan or sale.
They simply need 60 million more to complete. The amount of water was a surprise. They started laterals with only 1 pump. They run into water early and stopped mining to speed up commission of second pump. Started mining again, more water. Need more pumps and money to complete infrastructure to get to nameplate production. Need 20 million immediately to get more pumps installed and pay 100s of workers.
So there is another 60 million cap ex on project. The German bank that is working with the German gov. Has rights to ph copper. They simply move to second as a lien holder. Elliot goes to 1rst.
Not sure how anyone figured Elliot and Pala r arguing.