I too went through those scenarios, and I agree that it was...

I too went through those scenarios, and I agree that it was close to the last minute with the last deal and that LNH had enough of extensions, but why would LNH ask AJM to write up the contract but then delay the signing.
They must have known they were leading AJM into a trap and that PLS were there ready and waiting to pick up the pieces but if all else fails the contract with AJM was there ready for signing.
That would not have flicked AJM into receivership at midnight, this is highly unusual practice, unless they knew there was going to be a positive outcome, meaning a deal with PLS already sorted.