Your analysis is certainly tempting and possible however there are some assumptions that gives one pause.

What you call peanuts, $137 million is not peanuts. It would also require more peanuts to acquire KRY probably another $130 million. In order to acquire both companies at least $250 million's worth of peanuts would be required. While this is peanuts, this is a lot of peanuts to come up with.

At the same time, this move would have to be strictly for the scrap value of the companies because mining the KRY/GRZ properties are now open pit and cannot be mined. If upon acquisition of KRY/GRZ open pit mining is open again that would create a can of worms that would destroy any credibility Vz has remaining.

If open pit mining is opened again on a whim, the Russians better be careful because Hugs could reverse on them as well. Something wrong there.

Finally, acquisition of the company would only occur if the major stockholders want to be acquired. If not they can put in a series of poison pills in the acquisition process so as to make it unappealing. If indeed the move is to acquire for scrap value then other suitors could jump in as well who want the assets.

Occam's razor is always the best solution. Gil