In Any dispute between various parties, particularly at the early stage of legal intervention, the parties will always be advised to try mediation first. The latest official statements indicate a 'softening' of approach - presumably by both sides - prior to an EGM in the first week of January. Everything else at the moment is pure conjecture!!
Incidentally, on the Sky Sports Speedway page (updated 22.12.10 - after the BSPA statement) summarising the 2010 season, it states that neither Coventry nor Peterborough will be competing in EL in 2011.