I think Pace is widely over optimistic about this, but only time will tell. However it does not change the situation that he is flying illegally at the moment if operating commercially in a N Reg aircraft without a reciprocal EASA requirement as required by law.
Bose
I too am a lot closer to this than you realize
BTW just checked with an aviation lawyer and no I am not operating illegally at present!
Still up for a bet with you on 2014 being extended £1000 ???
Pace