High River Gold Mines Ltd HRIVF

What will happen with a failed IPO

[discern1]

As the public launch of the Nord Gold IPO nears, I find it ironic that we are entering a significant market correction in the price of gold and gold miners.  Already many existing miners have seen their values drop by on average 25% from their highs.  This market correction likely has wiped $1billion off of the potential value of Nord Gold.
I am expecting that after a couple of weeks of marketing, that Severstal chooses to postpone the IPO until more favourable market conditions.  
In light of a failed IPO I can see three scenarios play out:
#1  Severstal comes to its senses and recognizes that the only way it can properly value an IPO is to have HRG's market cap as large as possible.  Therefore, they finally choose to market HRG like any normal management team would.
#2  Severstal recognizes that the IPO will likely never happen and so they set their sights to milk whatever value they can from HRG for their purposes.
#3  Severstal continues its overall pathway of incompetence and does nothing.
Of the above three scenarios, which one do you expect?
I vote for a combination of #1 and #3.