Of course we know that the absence of PRs for so long was confirmed at the shareholders meeting to be an SEC requirement. (Remember all the snarling & gnashing of teeth on that issue?)
More recently, Gandalf reported that even after the meeting "there is a ten day SEC review" and possibly a longer period before the "deal" was "done":
"The SEC/BDC issue...I believe that we haven't seen the end of the road on that deal...and yes, there is a ten day SEC review. He did not want to speculate on when that wouild be a done deal although 90-120 days he thought a "prudent" man's timeline (take that as you may)."
My take on it is that the legal team is playing it very conservatively for a reason. I wouldn't assume - as others have stated - that it is due to incompetence or laziness. Actually, I think CB would fire them if he suspected either incompetence or laziness.
I have a gut feeling that CB also wants every new event and headline - including PRs - to fall under the umbrella of the new company structure - and not under the old BDC structure.
If they file the N-54C in the next few days, that would make April THE MONTH.
I think that regardless what the attorneys are saying, once the N-54C is filed and reviewed (maybe another ten days for the review after the filing), CB will issue PRs. Period.
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