According to the major sports networks, the NHL has convened a meeting of their Board of Governors for January 14th. It's speculated that the Board will either set a drop-dead date or just declare the season kaput.
The NHLPA isn't expected to throw any new offers on the table.
For the curious, the NHL's Board of Governors is comprised of representatives from every team, typically front office folks like owners or presidents, who run the league. The Board is chaired by Flames co-owner Harley Hotchkiss.
"Illusions, Michael. A trick is something a whore does for money...or candy!" - G.O.B. Bluth, Arrested Development
I'd just like to say that I love the NHL GMs for being the only ones in sports who still make trades like this. Arnott and McKay for Nieuwendyk and Langenbrunner?! And between teams that played for the Cup just two years ago? Beautiful.