I see the situation somewhat differently from some.

As I see it the company has given the Arbitration opening letter which set the date of May 28th at which the company has the right, but not the obligation, to actually start formal arbitration.

At the same time I believe ( I am speculating of course) that it is probable (since, I believe, there are still some secret documents not released by the court) there were affidavits filed by management which may have said something further as to statements from Government officials which were not to be publically released. I also believe that whatever affidavits of confidential discussions were filed would have damaged the relations with Government officials if they were ever released.

If there were such filings with the court then I also believe they were instrumental in the noteholders decision to accept their case being placed in abeyance till the end of July, and that they also agreed to hold the information to themselves without releasing it.

If we see the date of May 28th come with an immediate filing for arbitration then it will mean that Fung has lost patience; however if it comes and goes without any action on the part of KRY's management then I believe we will have confirmation, which can be read between the lines, that Fung believes a deal will be done shortly and probably in any case before the end of July.

I still believe that something is holding the VZ Gov't up for political purposes; but that there have been substantial discussions between Fung and the Government, which Fung accepts, and the company will not file immediately for Arbitration.

The notice seems to have served the company well in getting the Noteholders to back off for now.