I agree it is not in KRYs interest to break this deal, as V would probably not approve another JV.

This would not prohibit some third party that would want to make and offer.

In reading the filing I have mixed emotions. We basically sold two thirds of the company for the permit and a credit line. CRRC has only risked 2.5 mill so far. I was discouraged to see that CRRC would not be paying off our debt. The equipement was worth 50 - 100 million. It looks like CRRC gets the equipment as well. I would have liked to see the equipment sold to CRRC at a good price.

That being said our MOC is not worth much without the permit. If CRRC can provide the permit is will all be worth it in the end.