I was told (speculation but still) by a lawyer who works with debt that Ashley might've threatened with foreclosure. The 5 mil loan doesn't have a repayment deadline, but he told me that in reality it means that the loan is repayable on demand after a reasonable period of time. Ashley asked for it to be repaid earlier in the year, I think it was the end of spring or early summer. Half a year later Ashley would have ammunition to claim that reasonable amount of time had passed and demand it in court and foreclose on assets.
So if his speculation was spot on, King postured for as long as he could, but in the end the board was forced to change their position.
Also, one thing I didn't quite understand from court proceedings. Rangers lawyers said that assets will only get released at the end of 2015 regardless when they pay the loan. That was early December, so either the loan agreement says at the end of the "year" or "month." If the loan is paid on 1 January 2016, do assets only get released on December 31 2016 or 31 January 2016? If they have to wait the full year for their assets, then it makes no sense to pay at any point except late December.