Happy Thanksgiving to everyone here in Canada.
I want to reflect a bit on where we are with our investment in Kry.
Over the years I've been a shareholder I have seen a few ups and many downs. Kry is the kind of stock that we say to often "well I guess it can't get any worse " but it finds a way to continue to disappoint.
Most of us still here are either in too deep to get out or still believe we will get our just reward. I fall into both groups. I do feel like we have finally turned the corner with this latest PR.
I invested in Kry because I believed the price of gold would skyrocket and Kry had an opportunity to become a major player due to the size and operating costs for LC. Well I was right about the price of gold but wrong about Kry becoming a major gold miner or any miner at all. While mistakes were made by management I must still lay the blame at the feet of Hugo and VZ.
Many here have said that Kry should have done a lot of things differently and stopped the money flow to our contractual obligations since VZ wasn't honoring their part of our agreement. I disagree and applaud management for ensuring we have lived up to our end of the agreement.
We're no longer invested in a gold mining company. Kry has become a lawsuit investment. As such I believe management has done a very good job laying the ground work for a successful verdict. It would have been easy to stop building the clinic or water treatment plants but that would have just given VZ the opportunity to claim Kry never fulfilled their obligations. Perhaps RF has seen the writing on the wall all along and knew the only way to win was through the courts. I feel very good about our arbitration case.
The PR announced the panel has been constituted and the process has started. There is no way anyone one can say this is a bad development.
The PR announced that once again Kry has successfully defended its self in court against the note holders and has won costs. Again this is very good.
The PR announced that "The Company has been diligently advancing this initiative with Advisors and Counsel and expects to have more detailed information to report in the coming weeks. " This is open for speculation but I believe this is also a good thing. As I said in an earlier post there would be no need for detailed information if the refinancing failed.
The PR announced that the TSX was looking into whether Kry qualified as a listed company. This isn't good news but it isn't as bad as some want to portray. We lost the AMEX listing and we are still trading in the US. The biggest problem I suppose is one of trading liquidity. A move to the venture exchange would solve that.
All in all this is probably the best PR we have had in some time. The clock continues to tick away for the new debt financing but at least Kry has come out and said they are continuing to work on it. Like I said above I believe they will get the deal done.
I could go on and on but my turkey is almost done and no I don't mean Kry!!!!
JJ
