Prezone,

The KRY / Tenor partnership has planned from the beginning to wipe out the shareholders, much the same as the noteholders. The reason they have not been able to do so is that they have not been able to find a legal basis to justify it, given the $1.4 billion award versus $300 million total debt. This objective has become harder because the award, which was initially probable, is now a certainty, after the Supreme Court cert denial and the Justice Department's recognition that KRY has a legitimate and legal right to the award (although they argue that the collection should be postponed).

I would not discount the possibility that the KRY/Tenor partnership in crime will continue to pursue the shareholders' wipe out. In fact, I believe that the recent events points towards a renewed effort to do so. Let's take stock of the recent events:

1.- Back in June, the CCAA court and the Monitor do not approve of the continued sealing of the company's financials, and the company is appealing that ruling to the Ontario Court of Appeals,

2.- The Monitor, out of the blue, makes a filing dump on Oct. 28, just days from the hearing from the appeal to the CCAA order denying the sealing of the company's financial position; thus, constraining the parties from properly reacting to the motion,

3.- Harry Near suddenly quits his independent director position (after 23 years with the company), after appointing U.S. legal expert that specializes in restructuring, buy-outs, liquidations, which the newly appointed independent director agrees to keep on as his advisors,

4.- The KRY / Tenor criminal enterprise is spreading fake news about doubts about being able to collect and execute the liquidating waterfall in the credit agreement despite the fact that:

a) The collection of the award is not in question, only the timing is,

b) The Delaware District Court has yet to issue its ruling on the next steps in the collection process and the Venezuelan requests to quash or reverse the writ of attachment were DOA.

Is a capsizing ship making the crew fear they will sink with the boat? 

At this point in time we can expect anything against the shareholders coming out of Canada. The KRY/Tenor criminal enterprise will not have an easy task getting their shananigans endorsed by the U.S. court, which is, in my view, the reason for the hiring of the U.S. expert advising the independent director.

In fact, it would not surprise me if the next move by the KRY/Tenor criminal enterprise is to try to move the case out of the DE chapter 15 court. This case is carrying too much baggage and open to many lines of inquiry which will cause it to sink by its on weigh. So, we should expect a Hail Mary pass by the KRY/Tenor criminal partnership for a swift and surgical move to try to avoid sinking with this capsizing ship and saving the ill-gotten cargo it carries.

So, the shareholders must be ready to act on short notice to intercept the Hail Mary pass. It will cost us dearly (> $1.50 / share) if we are not.