Ed Lewis on RB (purported to be from no more than a couple of weeks ago) indicates they are still on the hunt for cash and it probably won't happen until the SEC decides where to fall. I am of the opinion they do not have the financing.
I think the rise in O/S is because the people involved are taking shares in lieu again.
I will see if I can dig up the RB post. It was brought to the board by a very commited long.