I don't think they would have gone to all of the effort to enter into the agreements with the toxics without having a source for the funds already lined up.

My best guess as to why the delay would be something to do either with the toxics or the notes that Chan is still holding. They are also required to reach settlement agreements with the majority of accounts payable. So maybe they haven't completed that yet. Also wonder if that might include the Greentree suit?
There are also the notes with Chan and Dominick which were able to convert at 2.5 cent so maybe those need to be addressed first? Bottom line, there are so many parties involved, it takes time to get anything done. Once the toxics are gone, it will be a new company.