Do KRY have the financial resources to fight off the bondholders, pursue the arbitration (for perhaps two years - do you think this timeframe is reasonable?), not sell assets . . .

No, but they would certainly sell the equipment, as the panel cannot award anything other than money -- they cannot force Venezuela to let KRY build a mine. Thus, to me it would be a foregone conclusion that if they went to arbitration they would sell the equipment. I doubt that the bondholders could enjoin a sale pre-trial.

With such a sale, KRY would easily have sufficient cash for two years. They would cut admin expenses further, would have no expenditures in Venezuela and would have the $9.3 million a year bond interest expense.

Dire? I've seen companies litigate on a shoestring for decades.

Now I have to agree with jimmijazz that I feel like I'm talking to the wall, so I'll just agree that we must disagree and end this fruitless discussion.