Thanks pen but I'm speculating like everyone else these days. There is no DD to due so we all pass the time thinking this or that might work. I try to keep my frustration and emotion out of the picture and try to think logically. I think Fung will do everything he can to maximize the situation because a lot of what drives him is keeping face. It's an Asian thing. A lot like Warren Buffet who says "it takes years to develop a good reputation and a few minutes to ruin it." (read the book Snowball about Buffett. He is a very honorable man and loooaaaddded) Arbitration, although viable, is a last resort IMO and that's why Fung hasn't pulled that trump card out. Arb will probably win the game but it won't take in the biggest pot for all the players like you and me.