Let me start with this is my opinion all though some of it is based on facts as we know them.

We sit waiting for news because both KRY and CRRC/CREC are waiting for VZ to complete the transfer of the MOC and permit letters. I have felt for a long time that these letters from the VZ government and CVG would be the key piece we need to move forward.

All the talk about VZ supporting this deal is just that until we have the letters needed for the closing. With the letters we will see the signing of the A&F Agreement by China and KRY so the record date can be set and the mailing sent out.

I believe that Kry and CRRC/CREC have completed everything they need to do and have told VZ they are ready to go.

All the talk about buy outs, Brisas, noteholders, 19.9% shares count for China, 1500 pages in 3 languages has nothing to do with our delay. We are waiting for VZ to do their part so the deal can close.

Some of you think I'm nuts to suggest the timing has to do with Hugo and Jintao. You might be right but I believe that Hugo wants the world to see that VZ and China are doing this deal. I had thought we would have news this week because of Hugo's trip to China. The trip appears to be on hold because Jintao wasn't available. We now hear that Hugo may go to China if their schedules work out after all.

This deal will get done but as usual it is VZ who is causing the delay.

JJ