Last we checked in with Jon Adgemis, the colourful KPMG deal maker turned hospitality investor, was in the heat of discussions with Bain Capital and Madigan Capital, trying to pull together a $500 million debt refinance for his Public Hospitality Group.

That was late January, and not a peep has been heard since (if you ignore pleading guilty to drink-driving and a dispute over his grandmother’s estate). But Street Talk has the skinny on what’s holding up the deal.