"Our CEO has been awfully quiet since taking on the job"
Absolutely!! Evidence of tied hands.
"Best case scenario: CTGI knew JLI was nearing insolvency, negotiated legal exemption from a lien on the company and has been busy lining up another source of funds."
JLI is now devoid of any rights to any Lien (unless after the fact(BK)). Everyone could see JLI had dropped to Boutique status three years ago, and were being drained by Management accustomed to better days, or at least some could see it. Thus, JLI funds were assuredly, as in the case of even power houses, not their capitol; ie outside capitol.
"Worst case scenario: CTGI was negotiating with JLI for more funds over the past 6 months and thought they were close to a deal....until last week".
JLI had "first dibbs"/rights and was looking for a White Knight to bail them out as a Firm on the whole. They are gone, as an entity as I see it. Someone may want to find the JLI BK paperwork to follow the trail. The funds inhouse at JLI, had not been operating capitol of JLIs for some time imo, but funding from outside sources. JLI was a negoitiator. They've lost the rights. The deal, still awaits.
"It wasn't long ago that board members speculated that JLI was going to be the sugar daddy here again. Looks like JLI is more of an albatross now, not unlike Greenblatt..."
Prs indicate a new Management group and it's group structure, it should now proceed. Bury the albatross, they should be gone gone gone.
"..CTGI's hands are now totally tied with the news of the JLI BK last week and until that mess is sorted, they are, essentially, shut down."
The JLI BK, was to sort the mess. That is the BK solution. Surely a 10 Mill bridge loan did not escape the courts oversight in assigning, so progression should proceed. I'm looking for evidence of untied hands at this point.
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