For me we are now in a true binary situation - a real 'toss of...

For me we are now in a true binary situation - a real 'toss of the coin'.

Have they made demonstrable progress with the KPI's? - enough to satisfy the market that the funding situation is under control and the only way forward will be UP. This situation would not necessarily rule out a CR. [The tone of this 'retirement' ann suggests the above to be the case.]

or

Is there an upcoming cap in hand CR putting, in one form or another, 'lipstick on the pig', in an attempt to disguise the fact that very little has actually been achieved during the past quarter? [In this case management could be accused of having more hide than Jesse's bull and very little capacity or insight.]