Rob, can you tell us how many communications/q's you have sent without a reply and the timeframe? Are these e-mails only or a mix with calls as well? Please?
I would be inclined to believe #1 before #3 because they do not give the impression of being incompetent.
Really, honestly, I cannot picture anything other than your #2 - all of you know by now that I am an optimist - fundamentally speaking, the 1M loan by Titan is just way over the top to be discounted.