Save The Queen frontman Jeff Klein, sounding exasperated and exhausted, continued to seek clarification Friday afternoon on a legal ruling that seems to give him only until the end of the day Tuesday to finalize his purchase of the Queen Mary lease.

“We’re trying to understand what the closing date should be — there are different readings on that,” said Klein. “We were surprised by this. It’s certainly not what the bankruptcy trustee told us was going to happen. I have no further comment because I really don’t know what is going to happen.”

Despite Klein’s anguished confusion, however, Save The Queen’s local lobbyist, Mike Murchison, began assembling a list of invitees for a press conference he’s planning to conduct Wednesday aboard the Queen Mary to announce and celebrate the deal.

“Trust me,” Murchison said, “we’re closing!”

If Save The Queen does not meet the closing deadline, the right to purchase the lease would be inherited by backup bidder O&S Holdings.

Klein won the right to purchase the lease to operate the Queen Mary and develop 64 acres of surrounding property with a $43 million bid at an Aug. 14 bankruptcy auction. He faced an original closing deadline of Oct. 22. But the sale was temporarily halted by the Ninth Circuit Court of Appeals on October 19 because of a claim by a small contracting company called AAC Shoreline.

That claim was resolved Thursday in bankruptcy court when Judge Vincent Zurzulo approved a $1.15-million settlement with AAC Shoreline. The Ninth Circuit was expected to review that settlement and lift its stay sometime next week, giving Klein and Co. time to reorganize financing.

However, Klein was caught by surprise when the Ninth Circuit Court of Appeals acted almost immediately, lifting its stay late Thursday and creating a three-day deadline to close the deal.

If Klein cannot make the deadline, he would forfeit a $1.29 million deposit.

If O&S Holdings inherits the right to the lease, it would have 45 days to conclude its purchase — Friday, Dec. 21 — and it’s clear the company would relish the opportunity. It has previously asserted that the auction process was unfair.

“From an official standpoint, we wish Save The Queen well,” said O&S Holdings counsel Jess Bressi of Cox, Castle and Nicholson. “But if for any reason it cannot perform, O&S Holdings is ready to step up.”

Tags: Jeff Klein, Jess Bressi, Mike Murchison, O&S Holdings, Queen Mary, Save The Queen