This should be a mostly clear cut R/M but I agree these things take time. The fact that CEYY has it's filings current and mostly in order is a great comfort to me as a shareholder.
I believe that once FSP, Inc. gets audited and the company passes muster with the CEYY Board the 8K and subsequent filings can be submitted to start the formal process.
I'm thinking this takes 3-4 months from the date that they agreed to merge (July 2011). I'm thinking IMO it gets done by October and the latest December, 2011.