i guess it depends on how you look at it. i kinda think the 1/3rd of LC is the "credit" kry is getting for the money already spent. granted, crrc would be making out because they did'nt have to spend the upfront costs that kry has but crrc would be fronting everything thru to production plus "assisting" in paying off noteholders and kry may still be able to take the $300mil tax loss.

if the deal goes thru i see value in kry... personally, i'm thinking buyout offer.