The public inquiry has now finished and the Inspector's report and the Secretary of State's decision is expected in May 2013. If the decision is in favour of the UKCG they will have to decide which scheme to build - that is with or without a cinema.
If they loose then Waltham Forest Cinema Trust has persuaded the Council to consider a compulsory purchase order. Assuming the UKCG do not accept that and decide to fight it then a further public inquiry is likely! Oh when will this saga end!
Meanwhile Planning permission is expected in January 2013 on the adjacent Arcade site which would include 9 cinemas run by Empire Cinemas, the same company that runs the very comfortable Empire Leicester Square.