Are the delaying the earnings because they are in negotiation with someone to buy them out? From the buying and the share price steady climb, somebody is in the know and loading up. It's just strange that there is a delay in earnings, in combination with such a steady price movement higher.
It could just also be a routine delay due the complexity of all the legal disclosures and complex accounting issues. For an exchanges listed issues they would need to either file the report by the end of March or file an extension citing why the report was delayed. Since CBCR, CBCRO and CBCRP trade on the pink sheets that rule doesn't apply, but I would expect we'll see a report by the end of the month anyway.
The delay might also be caused by negotiations to buy a unit - rather than the whole company. Suppose for example they were negotiating to sell Michigan Commerce. If there is an expectation of the deal being reached very soon they might wait so that it can be shown as "assets held for sale" on the 10K. My guess though is that it's just some routine run of the mill delay while the lawyers and accountants tweak something minor.