No-bear -

I'm a little dissappointed the hearing even took place. To me it kind of suggests Fung was not able to convince them any kind of settlement or deal was imminent. By pressing their case it seems they guarentee themselves a significant haircut since KRY couldn't pay it back in full even if they sold all the remaining equipment.

That said, I think KRY would have a good chance in an appeal since a decision of change of control by the judge would be made based on circumstantial evidence. (media reports). VZ has been careful not to make any official statement that KRY was out.

What's your take?