The HoM PLC Board of Directors would get rightly slaughtered if they approved pulling out of the Cala deal until the Romanov irrevocable guarantees are in place. HBOS would never accept anything less.
The Board are between a rock and a hard place.
Romanov's documentation sent at the last minute will have to be checked very closely as is the norm .. and no Edinburgh corporate lawyer is going to give it the okay until its terms have been completely analysed and understood without any ambiguity. This is necessary for the long-term financial stability of HoM PLC.
Romanov has provided his documentation at the 11th hour, it cannot be assumed that this is acceptable or guarantees the long-term stability the club needs.
It appears he's putting the pressure on the Board to pull out of the Cala deal, to give himself a better negotiating position with SMG over the debt due to them.
As soon as Romanov controls 30% he must make a general offer. At that stage he would also have to show proof of funding for a general offer .. so the Board are not asking for anything unusual or unexpected.
Scotland has a worldwide reputatable 300 year old legal system and although Romanov may be a wealthy Lithuanian banker, he must adhere to the law and cannot circumvent the due legal processes of this country.
Many shareholders and media commentators now seriously doubt that Romanov will conclude the deal .. he who hesitates is lost .. and when it was discovered that he was linked to Giovanni diStefano and Jim Connor (who caused all the financial problems at DFC) many questions were raised with few answers.
Does Romanov know the cost of everything .. but the value of nothing?
Let's not jump out of the frying pan and into the fire.