grz's market cap is approx 4x that of kry at this point.

kry's arb claim is almost 2x that of GRZ's (but figure 1/2 of that will go to PP participants)

assuming kry raises the PP. then kry/grz will be in almost identical situations (grz will still have more cash, but they will have notes due too).

after announcement of a successful PP there is no reason to believe that kry's PPS should'nt see up to a 4x increase very quickly.... .50-.80 is not out of line imo..

THIS IS NOT A RECOMMENDATION: personally, i think kry mngt has done a poor job of marketing the PP and/or other financing arrangements. coming out with a PP that is not pre-sold, involves heavy risk and "new" ideas then saying "we'll close in a couple weeks" in this market is beyond optimistic...but, should they actually get the deal done then a rise in PPS should be gimme imo..

teut, i think you're right on the PPS call (if they close the deal)

GW, i think you're right on mngt's historical track record...