CJR - I'm not sure what the notebondholders would gain by pushing KRY to bankruptcy right now. In reading the various documents it seems their beef was that there was a change of control and that KRY should have filed arbitration....not a sentiment I disagree with.

That said, I don't believe they have any means to force KRY to pay now. The only liquid asset (besides the MOC which is not liquid) they have is the equipment and I don't think the noteholders have any colleteral control over it. They have the right to force an acceleration of the debt if they can prove there is a change of control, but they do not have any hold or claim on the equipment. So if they push KRY into bankruptcy they just stand in line with alot of others for the pennies on the dollar they'd get at a bankruptcy auction.

KRY has not missed an interest payment and so has not defaulted. I believe they have an interest payment due in January so if they push them now why would KRY make that payment? Better to wait.

My guess is there was no hearing and we will hear sometime down the road that the hearing was delayed.