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Progress toward meeting the deadline was delayed by a group that fund managers say is often ignored in Malaysia: shareholders.
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An original deadline last year was delayed twice after developers complained that they did not get enough time to update their wares to meet the new rules.
Tapes were played of the two men talking before the deal was announced and after the deadline for closing was delayed.
A deadline for the letter of credit was delayed four times, and each time the Cherry Bowl was unable to meet the criteria.
The process took five years and was delayed approximately ten months in relation to the original completion deadline.
Binding bids are due by Friday, though one person familiar with the process said the deadline could be delayed until next month.
And they do not complete the deal until the end of next month, a deadline that may be delayed by Lord Black's continuing action in the US courts.
But in April, just as the deadline for finalizing the rules was approaching, the Administration announced it was delaying them.
The result is delayed deadlines, broken commitments and procrastination.
Due to Hurricane Sandy, the application deadline was slightly delayed and founders had until November 2 to apply.
There is little wiggle room on the deadline and work has already been delayed twice.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com