Spector says that the case before Kimball needs to be lifted and he might be able to help. He then goes on to talk about core and non-core issues which implies tracing. Conceivably, he's offering Novell a certain few million now, against the possibility of being messed about through delays and facing the uncertainty of whether the BK judge will respect a constructive trust or make them just another creditor. Novell gets a certain few million, SCOX avoids a tracing exercise which might land principals of the scam in serious trouble. With Novell out of the way cheaply, they can continue to spin things out.

It depends on Novell's judgement of which is the best way to get the most money - whether a bird in the hand is worth two in the bush, as well as how much SCOX can offer. If SCOX could offer £15 million, which doesn't seem possible, Novell might bite. The BK court would need to approve the deal. I just don't see it happening.

Maybe it was just hot air and bluff. That wouldn't be new.

I go along with the idea that all the manoeuvring we're seeing from SCOX is to shield the execs and their funds and also shield BS&F and the finance source.