The Admiral thinks that this deal is dead for the following reasons:

1) Workflow's performance in Q3, Q4 and January have been less than expected
2) General economy "sucks"
3) Valuation of INWK has dropped from a multiple of EBITDA to just 4.8X...far less than the ~20X they were at in August when the deal was announced
4) The revelation that GCM was not the man to lead the charge
5) The EST investors want/need their $$$ back

Expect the cat to be let out of the bag on March 1st...

The Admiral