You would have to think that if someone underwrote something...

You would have to think that if someone underwrote something then it would amount to a clear-cut legal commitment to complete and pay up. If Somers had a punter or 2 lined up to pay up and commit, and that wasn't fulfilled, then Somers would have to pay up. Isn't that how it works? If so, then it's a lay-down misere hand.

Because of the delay, I'm thinking that the agreement was uncertain in content.

But as copper bull has said, it does not reflect well on management, not at this stage anyway.