Mercury, I agree that Woulfe likely wanted a plan B so as not to be at the mercy of IMC and without funds to repay IMC at the month. But, I sense another possible alternative may be that IMC may have already put Woulfe on notice, expressly or impliedly, that the deal might not be going through as planned, and to be prepared to repay the 5 million, as due, in February, providing Woulfe with time and opportunity to raise the cash. As noted, if papering the final deal was all that was left, why wouldn't IMC (much earlier and as a matter of protocol) have simply agreed to extend the February Woulfe maturity date of its "future joint venturer?" In the alternative, if IMC was using the loan maturity deadline as yet further leverage (as if they needed any more) against Woulfe, I wouldn't want IMC as a partner.
I suspect Dundee and/or others may be plan B, and that plan B may have been in the works for some time unbeknownst to us. Certainly, the new Dundee involvement and the planned debentures took a little forward discussion and planning. With a plan B in place, announcement of an abondonment or replacement of plan A (IMC) wouldn't be so crushing. In that sense, with the right players, there are countless potential plan B's available to structure and/or market Woulfe's wares.
Frankly, with or without IMC, I can't think of a better turn of events for Woulfe right now than Ned Goodman's involvement, and all that he brings. With his countless wealth of experience, contacts, and access to the capital market, I literally think it is better than having Warren Buffet, himself, sitting on the Woulfe Board of Directors. If all of that includes IMC on an equal footing, great. If not, we can sell to IMC later at arms length.
I realize that all of this is pure speculation, but I guess that is why it is called a bullboard. Seg.