No EZ, I'm not saying international arbitration is pointless. I recognize it's KRY only course of legal action so therefore let's get enough cash now to keep going down that road since it's our only hope of getting ANY return on our money.

But I am saying we have to be more realistic in our expectations.

Nothing about Venezuela, nor KRY's history in Ven, leads me to believe our case is a slam dunk and certainly nothing about Ven's history of stalling and paying low-ball leads me to believe we will get a big win out of this claim, even in the next few years.

And I don't believe the World Bank is going to confiscate oil tankers nor annihilate Venezuela financially just because KRY got screwed. The World Bank may have some teeth but I don't see a lot of evidence that they often bite. If you see that evidence then please educate me.

But I do see a lot of evidence that Ven has the time and money to just wait until KRY no longer exists. Ven may say they always pay but they say a lot of things like: “Pay the bond and the taxes and you can have your permit”.

I'm also saying I think investors, both big and small, are tired of this sad soap opera of false promises and that they know they can find easier money elsewhere, including backing other arbitration cases against countries that pay up in full and pay up on-time.

I've spoken to several big money players and asked them if they would be willing to bail out KRY for the majority of a possible future award and their reply was “No”. They said they wouldn't touch any investment, even sideways, in Venezuela until Chavez was gone and they saw that the country swinging back to reality.

Red Rock is right. All this speculation (including my own) about what KRY's value might be after a financing announcement, or after GRZ gets a settlement or after Chavez is gone, is just noise.

The only question to be asked is: Will KRY avoid bankruptcy by finding the $100+ million we need to stay alive?

I guess we'll find out within 4 months.

Cividale