At this point we are all out speculating reasons( based on filings,events ) on what is impeding the S1 ..we seem to agree that there are valid reasons for S1 to be on hold and the management knows what those reasons are and working on it. If my memory is right Joe was of the opinion that delay is from Sec side of it and not theirs. In the next cc ( if S1 is not approved until then) hope Joe will transparent on the reason what is holding and what has been done/ will be done to resolve them.. IMHO