If I remeber correctly GRZ had a permit for access road formally denied by the Venezuelan goverment month before they filed for arbitration. At that point the relationship between GRZ and Venezuela continued to detriorate with further negative media reports. Doug intentions were made very clear to VZ and they respond in kind.

Kry has not received any offical notice from Vz on denials. Part of the reason maybe that any denial of permit would strengthen Kry claim in arbitration. Currently the negotitaions between Kry and Vz feels like throw the dog a bone. Vz may give some impression they are willing to negotiate only to just to pull things off the table when Kry comes up to eat. I would suspect Fung would realize this and stop the game by filing for arbitration. The road looks clear to file for arbitration with so many cases ahead of Kry a great test bed for the development of a rock solid case exists.

The big question is Why is Fung waiting or has continue to WAIT? Is it his personality of unwilling to lose a deal. Is he too focus on getting the deal he does not see arbitration as the best alternative? I wonder if Fung should put ou fate into our own hands now and finally file.