If there is "a check from money's received by corporations into Delay's company", there is no felony there.
If there is then "an equal amount of check from RNC to the Texas Rebublican re-election coffers", maybe there is a felony there - that would have to be proven, but that will be very difficult. Since the conspiracy charge was dismissed, it is only at this point that if the money is spent, disbursed, etc. that it becomes proceeds of criminal activity.
Delay would then have to be involved in conducting, supervising or facilitating a transaction involving these re-election funds, or expending or receiving them. The 2nd Grand Jury said that Earle did not have the evidence to prove this. Here is what they said Earle had:
One source said the sole evidence Earle presented was a DeLay interview with the prosecutor, in which DeLay said he was generally aware of activities of his associates.
There's no way that's going to get Delay convicted on money laundering charges!