GW, I wouldn't think that any of them would want to sit through an arbitration process. My thinking is they see value over whatever they bought KRY at or they wouldn't have purchased.
In Greywolf's 13F-HR it states the value of their investment in KRY as $8.5M so one would think they are not planning on throwing that away.
By the way Greywolf is a hedge fund and all of the executives that I can tell are all ex Goldman Sachs employees.
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=9683921