So I eventually get this to work but not using flowplayer or Akamai.
Since our server runs nginx, we compiled the latest version with mp4 module to serve video in pseudo streaming to our JW player.
I also like to give huge thanks to Deebs who has been very generous with his time to help me with this issue as well as numerous things he has done for me.
He has done amazing stuff to get things working on my site. I trust him enough to give him admin SSH access so he can do his magic.
What he has done is stuff that you would have to pay hundred of dollars for outside consultants. I know Deebs has a very busy site himself so getting his time and help is a blessing for us.