Group,

I reviewed, with interest, the recent reply from RM to NB back when posted. In my own recent e-mailings back-and-forth with RM, over trying to learn the exact date for the delisting meeting/presentation, I found that some of RM's information appeared to be more of an informed opinion, rather than taking the time to contact the appropriate person to obtain the proper information. I'm big on company transparency. My experience in trying to get, what might be considered as, normal unclassified information was like pulling I-teeth.

As everyone knows, things have not been certain with this company for quite a while. Information blackout has been the norm. Recently, important disclosure is seemingly found hidden in filings (Major KUDOS to DontKillKenny for the 6K find) that normal stockholders typically do not review with a microscope.

It is interesting to note that KRY is not all that unusual as compared to other stock boards I have lurked over the years. These other boards have the usual rumors “good news coming,” and “management has secret plans/negotiations,” and (my fave) “MM manipulation is squeezing out the weak hands,” and on-and-on-and-on, to keep enticing people to buy as sp continually disappoints.

S.E.C. “Reg FD” keeps things above board. Try Google'ing it. It is eye opening.

I do believe that RM replied to NB with the best knowledge available to him at the time. However, there seems to be several interpretations of RM's reply floating around, so thought I'd put my interpretation out there for others. I'd like to think my opinion is nonpartisan, fair, impartial. But, then, don't we all. RM underlined...

The Company believes it has a very arguable and defensible position relating to the Amex delisting decision and hearing. In 1998, when the TSJ ruled to disallow the advancement of the 11 motions regarding the Las Cristinas title, the Company had no operating assets and was in search of a few opportunities that in 1999 and 2000 it took advantage of. There is a similar history, pattern, cycle to the current position of Crystallex .... who knows maybe the restoration, recovery or resurrection the lost asset may reoccur like it did back then. In the brief letter we received from Amex, the Company does believe it meets the listing criteria raised. However, there was a comment about the low share price which is discretionary by the exchange. Certainly the Company believes some of the initiatives underway to deal with the short term working capital (e.g sale of the equipment) and the restructuring/refinancing of the notes should favorably impact shareholder concerns and lead to better valuations.

I have no contention with the Company in what it believes as arguable and defensible. However, know that back in 1998, 1999, 2000, the Company actually had diversification of mines not only in Venezuela, but also in Uruguay. That's no joke. Try looking at the Company's own Annual Reports for those years (on-line and viewable at the KRY web site). At that time, Crystallex was an operational mining company, and yes, sometimes showing profit. Today, the circumstances are very much different than 1998, 1999, 2000.

The “who knows” portion might be wishful thinking... or might be interpreted as a hint of back room dealings. Be very, very careful. There seems to be this ongoing rumor-rinse-repeat cycle of implying a deal in the works behind closed doors. Not so much by RM or RF (well, maybe a little), but more by some who pick up the snowball and run screaming into the shadows. “Deal on the side” that only a select few know about, and the Big Guys don't? Maybe. Maybe not. Does it make you want to buy despite share price disappointing? Again, be informed of Reg FD.

RM's last sentence in the paragraph contains merely factual statements that anyone would expect to hear from a company in the situation Crystallex is in. However, using the word “should” possibly implies uncertainty. It may or may not mean a thing. Just be aware. Because, at this point, words do mean things.

If it comes down to share price in the near term, the company asked the shareholders to consider and vote for an ability to reverse split the shares to maintain the Amex listing.

This may be a diversion proposal. SP has been below a dollar since September 2008 and is only now a factor? The reverse split does not seem necessary to meet Exchange qualifications as only a “comment” was made concerning SP, while the Exchange's main focus was on being an operational company. Although reverse splits might be advertised as a zero sum game, reducing the shares also will reduce the volume which are linked to Exchange fees/profits.

When taking the trouble to do a reverse split, for the sake of share price to maintain AMEX listing, how about this?... ...Why not, for the sake of shareholder value, do a 1:50 or 1:100? Then the share price would be in the $5-$10 sweet spot range, and will come up on the radar screens of the truly Big Guys - who are the real movers and shakers of stock price. But, would Big Guys really be interested? Don't think that this has not been discussed, because the folks running KRY are, despite some opinions, very sharp. For some reason, a 1:10 was settled on. My jury is still out on an RS, which remember, is just a proposal to vote on and may be some sort of an, unknown as yet, backup plan of sorts.

I'm sure most would agree that a higher profiled US exchange listing should help improve valuations in the longer term especially if successful in some of these other initiatives and with respect to a resolution, settlement or judgment regarding the las Cristinas.

If Crystallex were an operational mining company, with diversification (like in the early years), then Yes!, Yes!, Yes!, it definitely benefits the Company being listed on a higher-profiled US Exchange. Unfortunately, the Company has become a One-Trick Pony - that being the possible miner of Las Cristinas – which has gone lame because the MOC was pulled. Should Crystallex go to OTC/Pinks, it will be a rough pill to swallow, and I do hope it does not happen as everyone here suffers. However, as a Lotto Ticket, this play will pay off (and quite well, actually) no matter what Exchange it is on, high profile or not.

Despite the looming delisting meeting tomorrow, company survival to get to arbitration seems to be the big thing right now. On financing of the notes, if no one else is found to take the risk, this could be accomplished with an offering and dilution of shares. Then possibly, after the offering, the RS. Just pure speculation on my part.

Just my opinion. My complaint is not so much with the way Kry management is handling the situation, but more that KRY has - for a long while - become such a distraction that other plays are ignored by many. Have always preached to diversify with other plays. Please be aware of, and maintain, your other plays.

Would really be very pleased to learn that some “secret-under-cover-negotiations-that-only-a-select-few-have-knowledge” actually is true, and results in a big pay day because it would benefit everyone here. Really. At this point, because of company disclosures, it appears arbitration is the only sure thing.

Be aware. Because no one cares more about your money than you do.