Pend---I hope your thoughts are right. However, the bondholders could simply be waiting to see if KRY files for arbitration before taking any action. Why would they be waiting? Because as things stand right now, if they pressed their action they would most suredly lose in light of the CVG action in March stating that the MOC was in good standing. The only chance that the bondholders have would be to argue change of control if KRY filed for arbitration. I am not saying it is a good argument by the bondholders, but it seems it's the only plausible one they could make at this time.