Makin - I suspect the difference is in the shares outstanding. GRZ has around 60 million shares and KRY has 300 million. As such there is less need to "create" liquidity. KRY's 300 million shares require more of an appearance of liquidity to keep traders from exiting.

This is my opinion only but I suspect close to the mark. As a trader I never chose stocks with less than a 100 million shares nor stocks whose daily volume was less than 1 million. When I got into KRY a less than a million share day was uncommon while GRZ traded below 50,000 a day. (my bad, eh?)

I also think that there is legitimate interest in GRZ because they have stated their intentions and will likely follow through. Coupled with GRZ having sufficient cash to complete arbitration, Investors see it as a better play. When there is interest there is no need for MM intervention. It is only when there is a lack of interest that would sharply decrease trading that MM's step in to "create" the appearance of interest and liquidity. That is the case with KRY since we really don't know what they are doing and only that they will soon run out of cash. The impression is there is a lack of will or ability to file arbitration with KRY.

Keep in mind that MM intervention to create liquidity is very good for us and I aplaud it. Without it we might be literally a penny stock.