I hate to rain on anyone's parade, but the fact that the big guys have deserted the common stock just may be that they know the deal for the financing and think that the common is not going to be worth much after it is announced.

Unless you are privy to the details (and they would be) you still don't know what the effective rate of the dilution of any award will be once the new finance is arranged. It's just possible that the proportion taken by the new paper is so high that even after a decent award the common stock holder (now just the small retail investor) are going to get such a small proportion of any ICSID settlement that it simply isn't worthwhile for the funds to hold common stock.

If this was the case their action would be to buy as much of the new finance deal offered as possible (which could be structured to pay off pretty well with a decent award) and dump the common stock which may have little upside left.

I'm hope I'm wrong, for the sake of the steadfast loyal Crystallex supporters here, but I think you should consider the possibility.....

One wrinkle to this scenerio would be if the common shareholders used their voting power to object to such a scheme. Hard to do without a big individual holder (who is not getting a backdoor deal) to take the lead, but possible never the less.