"Two quick things. If filing for arbitration in 2008 before getting out MOA terminated by VZ wouldn't have triggered the notes we have a different story. It would have meant giving up on mining LC and settling for what now would seem like a good deal but back in 2008 we were all thing 20 million ounces of gold and how can any sane person not want it out of the ground."

Good analysis JJ. I know that I and others were totally sick and tired of being jerked around by Venezuela when the permit was denied in 2008. Many here called for management to cut to the chase and file for arbitration when the permit was denied. Hugo had certainly shown his true colors by then. There is no need to recap all the BS we endured up to that point (between Gorilla Face, damning public statements by Chavez, etc.).

In my opinion, management decided to ignore the obvious chain yanking we were getting from Vz. in favor of taking the "full monty" risk with other people's money...hoping that 'somehow' they could survive an obvious capitalization problem and 'somehow' mine the gold. The concerns of people who wanted to file for arbitration in 2008 (shareholders as well as bondholders) were dismissed on this forum as simply being more gloom and doom purveyed by those who were morally compromised, had a negative world view and were apparently unaware of the unparalleled management expertise of Robert (I own no personal shares) Fung and his band of merry MacQuarie insiders.

It would seem (based on court rulings) that filing for arbitration in 2008 would not have constituted a change in control. Fung, having access to the best legal minds in 2008, would o likely have been advised accordingly.

Robert (I own no personal shares) Fung wanted it all. He took a big time risk with shareholder and bondholder money and shareholders and bondholders both lost. What did Mr. Fung lose for taking this risk with other people's money? Nothing. He just has to settle for cheap options, a nice expense account and a $500,000 annual salary for as long as he can keep this pig alive.

I can remember Bill Cara (who had formerly listed KRY as his top stock pick) stating before the 2008 permit denial that, according to his sources, KRY would never get the permit for political reasons. Could that now well-established fact have been lost on KRY management? I doubt it.

"The other thing is where the hell did all the money go? Was Kry a bank machine for board members and friends like some have suggested or were these expenses all legit. I will leave that up to some else to tackle."

I'll tackle that one. I think if shareholders were aware of everything that went on behind the scenes we'd be looking to lynch management.