Yes, there is risk in everything, but that's not what we're talking about. If there was never an LOC and if they have been grossly misrepresenting themselves in PRs, then that is a serious issue.
Servicing VIPs is probably not a compelling enough reason to get the LOC. And, since when did that become the reason they need the LOC? They've been working on this since June/July and still nothing.
Now Greg is telling you he doesn't know what to do or how to move forward? Just r/s and then rinse repeat and start issuing more PRs about an LOC again??
This is looking really bad, and the company needs to be held accountable.