Declining liquidity is terrible news for Neomedia.
The only way Cornell will continue to pay NEOM executive's salaries is if they are provided a liquid market into which they can hedge their positions (i.e. short against the box).
No liquidity means Cornell's risks increase dramatically - which likely will mean the spigot is turned off for NEOM or Cornell demands even more "vig" in the form of even higher rates and warrant sweeteners.