Lisa,
An informative and worthwhile posting though not strictly correct on a vital issue.
I refer to your second point.
If you read the "small print" in the res contract with G.S. ,the reimbursement trigger is not actually whether or not they obtain the license within the 12 month period ;it is that within the timescale they must furnish the individual investor with a date - a crucial difference and certainly not as clear cut as your posting would imply.

I do not altogether agree that it is only in the last few months that aspects have gone off track.This outcome was predicted quite some time ago.

From a posting of mine dated July of last year when several investors sought to shoot my view down in flames-

"Anyone conducting even a modicom of due dilligence would be aware there are major licensing hurdles for Sanchez.
Realistically, Ronaldos fame and Banderas's on screen presence are less likely to impress at Ibama-the chief obstacle. Fasten your seatbelts folks you are in for a long bumpy ride.Sanchez have not got a prayer of pushing this through within 12 months."

Make no mistake ,this one will go all the way and best you advise your former investors to don their hard hats, and as i stated in July 2007,i will restate in April 2008,- fasten their seat belts for a lengthy and bumpy ride.