I support your thinking Bas. The issue appears to be not so much...

I support your thinking Bas. The issue appears to be not so much that TV2U didn't understand the regulatory environment, but that they found CCSTV was in breach of its licence, which required immediate notice to the market. The long TH due to the details of the resolution being hammered out.
While it is not clear whether the formation of a content licensing company (even perhaps just to create some financial incentive for Mr Suzuki) was driven by regulatory or other factors, my feeling is that it may simply work better in the structure TV2U sees for itself in the broader LATAM region.
The suspected staff changeover also suggests issue resolution to me, which would only ever be reported by any sane organisation well after the fact.
So while the parameters have certainly changed and the timeline has slipped somewhat, it appears that there is much going on and the outcome might just be better in the long run.
IMO the SP support at 1.2 reflects the unchanged longer term potential; the slip from 1.5 reflects continued execution risk and schedule slippage. The importance of the SP today, tomorrow, or any day depends on when you have to monetise.