For once I break my intention not to post for a while, but I want to give my perspective on the GRZ conference call.

First off, it was confirmed that Doug likes to hear himself talk

Secondly he confirmed what KRY told me about a combined effort to break the impasse. That it is not happening (yet) for various reasons, political and contractual versus Concessional.

DB went on a discourse about the legislative, executive and judicial branches of government and basically indicated they are not attaching much value to what the NA does or not do. IMO he underestimates their influence.

Lastly and considering the amount of time he spent on their worst case scenario, I got the distinct impression they are considerably less confident than KRY regarding a favorable solution. Maybe it has to do with their concession compared to our contract, who knows.

It is also my impression that the quality of this Board (like the Board of KRY with GT's departure) has improved substantially. Thanks No-Bear and everybody else.

Regards,

Rob