"Actually...yes I did consider that. I believe that at least one of the lawyers on the board (his avatar rhymes with no "hair") had expressed concern that Fung hadn't filed for arbitration early on to avoid the apparent predicament we presently find ourselves in. Given that he is a large shareholder, I inferred from this statement that filing for arbitration last June would not affect us adversely as shareholders. Of course I did no DD of my own and simply trusted the fact that he actually knows what he is talking about, actually owns the number of shares that he is rumoured to control and is not, in fact, actually a bondholder talking his book in soft bashing style."

While there are always risks in litigation, my preference for an early arbitration filing was based on the downside risk that if we waited too long, we get low on cash and could not complete an arbitration until well after the notes were due. Sort of like where we are NOW, at least how it appears to us little guys.

I still own all my shares and have no notes, and for whatever reason, remain optimistic. One thing that I am sure of, or at least reasonably sure: we won't be going BK any time soon with all the equipment that we have left to sell. However, if that happens, the idea of selling the contract rights and equipment to another party looks a bit more unlikely.