On July 3, I got a response from INSEAD Adcom confirming my cancellation from the waitlist. This was three weeks after sending in the request. In the update I was informed that the Adcom sees potentials in my application and that they wanted me to apply for the Executive MBA instead. Oh well, this came almost a month after I already got admission into the LBS Exec MBA. And then I wondered why this suggestion was not sent to me rather than putting me on the waitlist. I would have gladly taken up that option, but it took them so long to raise the suggestion.
I am less than impressed with the way it was handled, but it doesn't diminish the respect I have for the school in anyway because INSEAD is a great school by any standard. But I am glad I am going to LBS, with scholarship.