The bulk of the volume was one trade of over 6 million shares that popped at .12 when the bid/ask was between .15 and .16. That is bound to trigger other sales as people try to figure out what happened.

It has still been a lot of volume even without the big trade and it seems clear this is some institutional/hedge fund dumping.

What it means is anyone's guess.

Whether or not a permit comes, VZ has effectively castrated the company. Still, I did buy this morning despite having limited my focus on KRY lately.

At this point it can be played as a legal action gamble since right now they have physical assets worth .20 a share (I believe) and any legal action should lift it more. If this whole mess is true, Sanz did mention legal issues he had with KRY if he terminates the contract. Again, this is just from the newswire articles and unconfirmed.