As others have mentioned, i also don't believe he/VHGI would have pursued the loan if he wouldn't qualify for the letter of credit. Alas, they leave us no choice but to guess what's happening while we are left to drift aimlessly here with no news or updates. :-/
MS, Just to be clear, your partial quote doesn't tell the whole story. All you posted was a forward looking statement that is only wishful thinking until they officially confirm it has happened. Here's the full text: