Rawnoc - I disagree with all of your ideas. Their core business - albeit cyclical - is incredibly profitable. PIPE deals are favorable to one party - the dealer.
If there is one business action I am not concerned about with RODM is their ability to structure a private placement of debt, stock (preferred/common), and warrants. That's what they do for a business, and they know how to do it well.
I believe they may use the funds for anti-takeover reasons; build out foreign operations (ie on-site inner Mongolia, Brazil - the growth markets) to have a presence other than the presentations or on a "set up a financing meeting" deal.
The insiders selling is meaningless, they still hold huge amounts of stock. They should be selling after the run-up for tax purposes, diversification.
Just my thoughts...
"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." William Arthur Ward