I think we have to remember that the initial process was to have the A&F Agreement completed by July 31st to be mailed to share holders for an August vote. Crystallex was told by there legal team that it would be completed by that date. Fung didn't pick the date out of the air and I would bet Marc who is more of a promoter that RF was keen on setting the date.
I believe what Crystallex said about a large documentation, different languages and multiple time zones all contributing to missing the July 31st date. Now that a new date of 4th quarter has been issued it has given all parties up to 3 more months to get this done. I believe Crystallex has taken this larger window opportunity to not only have the A&F Agreement completed but the rest of the issues that need to be completed before closing the deal.
In other words, our first vote would have been for a deal that wouldn't have been completed but assuming everything came together the deal would close. We are now looking at voting on a completed deal IMHO.
RM has indicated that VZ has no part of the A&F Agreement which I believe is true. This agreement has been completed IMHO and is waiting to be voted on by shareholders. To close the deal however China still needs to obtain the permit and Crystallex still needs to get the MOC transferred into the new JV.
I believe this is what both Crystallex and China are working on. We all know how time and progress move slower than a snail in VZ so it doesn't surprise me that things are still being worked on. Does this mean there is a problem? I guess we will only know if the structure of the MOC is changed when it is transferred.
I would be more concerned if we were having trouble completing the A&F Agreement but like I said earlier IMHO this is completed. I also agree with Teut that the new JV Subco's have been set up already. This wouldn't have been done unless Crystallex and CREC/CRRC has completed the A&F Agreement.
So here is what I'm saying. IMHO both KRY and CREC/CRRC are now dealing with the big issues of permit and MOC. Nothing can be closed with out these being dealt with. I have no idea if VZ is throwing a wrench into anything since only the players really know what is going on. It is all boiling down to whether VZ is going back on there word to China or is VZ just being VZ and working at a snails pace.
I'm still waiting like the rest of you. Annoyed at the time this is taking but believing it will eventually get done.
JJ
