Dilution reduced for a reason - the sec suspension and Medient kicked to the grey market
They no longer have the access to the equity toxic financing and reverse splits they had when Shapiro was finance executive at Medient. With 3-7 trades per day and tiny volume, liquidity is drying up. Financeers would not be able to dump their shares.
Shapiro was in charge of the financing aspects of all those Manu deals....shares for cash at up to 45% discounts....he's been doing it since 2012.
Maybe the IDA is doing a little math, and could decided they need more investigation of Medient's ability to finance and service their debt for construction. Does the IDA own the land they are leasing? If they still owe $38 million or more, how could they allow land supposedly assessed at $22 million for collateral notwithstanding the IDA's own rules about collateral being used for bonding risk?
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