My guess is number 3 is off the table unless they can sell Avid for enough and want to pay off the 1st $5M loan and forego the 2nd $5M. If I remember right all pphm assets are pledged for the loan. Unless of course the lenders are willing to release Avid from the loan. My guess is they have their money via the $7.5M (sale thru Wm. Smith & Co.) to private investors if need be should other options not work out.