1- "my personal favorite" either hugo is trying to starve us out (in which case, why negotiate?)

If Fung actually believed that, we would have filed for arb asap. Just the fact that we haven't, means there IS something being discussed.

".so why would'nt hugo just say "here's an offer of $400mil to go away" and then take his sweet time to pay.........or actually spend under $400mil and gain a controlling interest in the company."

He's probably done that, and guess what Fung did? Politely gave him the finger!!

"2- he's trying to raise money from outside sources to buy us off (in which case, why not make us an offer and we get out of the way so he can sell the JV while we wait to get paid)"

How can he make an offer if he hasn't got anyone to pony up? And if he has, it's not enough, and their negotiating that, or there are other problems in the way.

"the numbers to fix this problem are continuously getting smaller...but still, we negotiate (with who? nobody knows)"

If the numbers are getting smaller, that certainly does not bring us any closer to 'fixing' the problem. It was established a long time ago by KRY, that those 'numbers' do not represent what the MOC is worth. This would have been 'fixed' along time ago if KRY was ready to accept our market cap as true value.

P