The judge extended the discovery deadline to Sept 2nd. The letter to the judge says that progress is being made on settling all of the disputes, and they expect all of the issues to be resolved. The additional time seems to be for drafting the documents and working out the details.
It also says it may be settled sooner, but they didn't want to file for repeat extensions.
Maybe this whole thing will start to work out, and they can do a placement and aquisition as originally planned.
I read it myself. I think I understand it. It seems like a neutral to positive to WHLM. It is damn hard to project any earnings going forward, but if they are able to buy back 18M shares for $2K that would be awesome. If this company can generate $4M in annual net income we could have a real winner on our hands.