one of the things that has always upset me about the chinese JV deal was that kry spent over a year working on it before shareholders were made aware of it and it was the only deal that was brought to the table..shareholders were put in a position of "IF we can close it, you'll accept it or kry will die".. it never seemed to me that a competitive bargaining situation was made available to other interested parties to get a piece of LC or a piece of our MOC for arbitration...
it seems to me that the longer we wait to file, the more cash we burn, the harder it will be to cut a "last minute deal" with the bondholders/financiers to begin a strong arbitration plan. i would hope arrangements have already been made in a "plan B" but the fact is, if nobody knows what kry is going to do how can kry create a competitive situation to provide the best financing/arbitration deal for shareholders??
imo this is the same "desperation" situation that forced us into a 1/3rd deal with no upfront cash from the chinese. were other companies/suiters even consulted before we signed on with the chinese??? were other parties willing to give us more for less or gaurantee they would finance us thru arbitration should the need arise?? or did fung just let kry get into a last minute desperation situation and sign on to the first deal he liked?
i really dont see how kry can wait til april to announce it will be filing for arbitration and THEN find a suitable financing arrangement. if a deal has already been cut then it's material and needs to be reported to shareholders. if a deal has'nt been cut then imo it goes beyond negligence and someone needs to be held financially responsible to shareholders.
