Ann: Subscription Agreements Legal Update, page-53

completely agree good oil guy, the way I see this likely unfolding is as follows:

Judge denies the extension application within the next week or so
The defendants don't submit a defense (as agentm has outlined, there is none)
Summary judgement is awarded to XST late Nov as per the schedule
Application is made in Singaporean supreme court to ratify the summary judgement (or whatever that process is)
There is a mad scramble by one or more of the defendants to settle as its now in their own back year so it is very real, publicity, potential asset seizure etc...
XST may or may not settle depending on the deal on the table.