AD - What I'm referring to is the need for the permit to sign the JV. According to the agreement, Fung at the AGM and numerous emails from RM, the permit was not required for signing the JV, nor even before the shareholder vote. It was only required for closing and I believe even that was just to get a formal statement they would get the permit.
Back in June, if we are to believe RF and RM, the Chinese were willing to sign the JV agreement then without the permit based on conversations they had with VZ. It was just a paperwork issue. Now they will not sign the JV until they get the permit.
Remember that "closing" is to be 30 days after the shareholder vote which takes at least 20 days to organize. That would give VZ approximately 50-60 days to come up with the permit.
Signing the JV would bring into play financial committments even before closing. They are apparrently unwilling to take a risk and do so now, though they were in June. That is why I say, IMO that the Chinese have a change in confidence about this deal.
If this goes bad, the Chinese lose opportunity, KRY mgt loses options. We lose real money. A couple of official statements on the progress would have kept our share price much higher I believe. To say (as some do on this board) that anyone who has questions this will get done or doubts about it is making up fantasies and spreading lies is unfair.
