I agree with your scenarios RT. The BFS should of been done by now. And like you said either there is a flaw in the BFS or the delay is because we are in buyout negotiations. If there was a flaw in the BFS we would of been told by now because of legal consequences and also if the BFS needed more reworking then why was the pp cut short to only 2.5M? A flaw in the BFS just doesn't add up in light of what the company has done and what Elmer has told many callers.

Was Elmer boldface lying? Giving wrong time estimates for completion is one thing (as many factors are not in management's control ) but telling callers that there are no issues holding up the BFS (other than more time needed ) and that Merit completed their review in a week with no problems would be outright lying. Would Elmer cross that line in light of the legal consequences? I think not. I think with very good probability, we are in negotiations and the next NR will not only announce the results of the BFS but also a buyout together.