re. "I think the approvals are nothing more than a legal formality; that is, they are almost a sure thing."
That's probably so, assuming they got all the t's crossed and the i's dotted in their application.
The Iowa meeting is waiting for a report on the character of FIG and its principals. I suppose they're doing a routine check for mobsters and the like. You can be sure that a big publicly-traded company like FIG will come out squeaky clean.