LOL. No settlement means the two parties could not agree on terms. I doubt either one said "We refuse to discuss settlement".
As to JBI not being able to stay in business if it had agreed to the SEC's terms, I think that's a pretty good theory. This, and the PIPE, buys a little more time. Not a full year though, IMHO.
"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing."
-- Albert Einstein