Thank you Mayo for your post.
As expected the cancellation of the MOC does not appear to be, in any way, a negotiation ploy on the part of VZ to alter the contract as some on this board have suggested.
Hopefully your most recent conversation with RM will put to rest the board's speculation that the cancellation of the MOC was a chess move and hopefully it will also put to rest the belief that Chavez would never screw the mighty Chinese. Since, as RM states, the Chinese were also blind-sided by the cancellation Chavez has clearly shown that he couldn't care less about ruffling Chinese feathers.
The cancellation of the MOC, in my opinion, is the third phase of the move by VZ to take everything it could from KRY without giving anything in return. The first phase was when the permit was not granted after KRY paid the required bond and taxes.
(Remember that? That's when VZ said if you pay the bond and taxes you'll get the permit. KRY paid but didn't get the permit and there was no explanation why...until the second phase)
The second phase was when the Environmental Ministry rejected the permit and VZ refused to address the appeal.
Hindsight in this case is easy and I should have pulled out, definitely, after the second bomb hit.
But I was too stupid and greedy and I stayed in too long.
We may look at Chavez and his goons as stupid idiots but the fact is they played this brilliantly. They got the millions of infrastructure they wanted without giving back anything in return.
The two smartest guys in the room turned out to be Chavez and Fung. Both got paid very well and we, the shareHOLDERS, got screwed.
BTW: I do not foresee an early settlement unless Chavez is killed or kicked out. I believe he has a grudge against KRY.
GRZ is ahead of us in the calendar and I'm hopeful any pay-off to GRZ will bump up the KRY pps to near a dollar, when I can pull out my initial investment and break even.
Cividale
