Is Hatton-Malignaggi fight already signed?

I'm asking this since Team Hatton seems not entertaining the Pacquiao challenge and they prefer to fight Paulie instead of Pacquiao in November. I'm confused since the Paulie fight is nowhere near in magnitude compared to the Pacquiao fight.

Paulie also said that he will not "step aside". Why? Is this a mandatory fight? For all I know, Paulie is the champion of IBF while Hatton is the IBO champion. They're both champs. Now who's the mandatory of whom?

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