I believe having a positive attitude is important if you have some control over decisions or in negotiations that are being made. In my former career I, and my team, faced many, seemingly insurmountable odds, to achieve our goals. Our positive attitude helped us stay sane during those tough times and often helped us get what we wanted. But we had some control over the situation.
We retail shareholders, on the other hand, have and had no control over the decisions made by KRY management or over the decisions made by the bondholders. And we certainly have and had no control over decisions made by Chavez.
I am not advocating that KRY management give up its positive attitude because we need them to get our money back to some degree.
But I am saying is I believe management's positive attitude in the past blinded them to the reality that Chavez is a leftist pig who never had any intention of honoring his promise/contract regarding Las Cristinas.
KRY is not the first, nor probably the last company, to believe in a hole in the ground with a liar standing next to it, but it's time to face the reality: a positive attitude did not get KRY the LC permit, did not save the MOC, did not get KRY the China JV, did not save KRY from getting delisted and did not stop the slide to ten cents.
Buying here at ten cents might be a good gamble but it IS a gamble. And given KRY's track record there is a greater chance that it files for bankruptcy than not.
I'm holding on because I'm already down 90% and losing another 10% won't matter much to me. But if some rumor gives me a pop up, I'm out.
And I'm also holding on because the ONLY thing Fung has been good at is raising money even though I know the odds are against him and us.
I don't feel I'm being negative......... just realistic. I'm not expecting any "happy bombs" at the AGM just more: "We're working on it. Trust us. We know what's best."
As always I hope I'm wrong and that we get a quick reasonable settlement but I doubt it.
Feel free to slam me but I'd rather you show me evidence that I'm wrong.
Cividale
