It is. They got a bit cute with the wording in retrospect. However, it is my belief that they were legally precluded or otherwise over-cautious about their disclosures regarding the impending status of the expiring contract. IMO they wanted out of the contract at some point within the last 2 months and were not going to jeopardize the cancellation by disclosing the notice of default publicly. In true lp fashion he had denied a notice of default to shareholders that asked about it. I could see Amarant making a legal stink about any public disclosure of defaults on ADL (until it actually occurred) as they could've claimed that Medinah harmed their efforts to raise funds by disclosing they were in default.
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