PLM was never going to mine this and I'm not sure why anyone thought or thinks otherwise. Cherry's job was to get permits. It took many years longer than anticipated but he got them. Now they have debt to deal with and we'll see what happens. Much like Russian collusion this is now a done deal.
A low offering should be on the table-it was quite a bit lower in 2013 than the actual PPS if I remember right.
Bigger question is who would put up construction financing to PLM given their situation? This has to be a buyout or takeover play.