What happened!!!?

I thought those who had Bob Fung on their speed dial told us this JV was a done deal….and would be signed/sealed by the end of July….or the end of the year…..or was that end of days.

I thought they told us the Chinese would never have gotten involved with KRY unless Chavez gave them his PERSONAL assurance that the permit was sitting on his desk ready to be handed over as soon as KRY and the Chinese finished their end of the JV paperwork.

I thought they told us to back up the truck and load up on more stock.

I thought they told us KRY’s lousy relationship and failures with Chavez were ancient history and that the Chinese have come to save the day for a brighter future.

KRY is very careful with their public words. They have to be. When they wrote that the Chinese had “sought” assurances they meant it. But seeking assurances and receiving assurances are two very different things. And if Hugo had actually given his assurances KRY would have said so.

But they didn’t. Because it’s clear he never gave those personal assurances.

So I said in July, and I’m saying now, any assurances given came from ministerial level functionaries who have no real power. If Chavez had given is assurances, as some on this board have claimed, I don’t think KRY would be at 30 cents a share.

I can afford to wait out arbitration or even lose all of my investment but there are lots of people who believed Fung in June and who believed the recent hype posted on this board so they bought more shares or they even talked their friends and relatives into buying KRY. And that is a damn shame.

I know there are many small investors of KRY who were hoping the windfall would save their house, or their car or even their marriage.

Yeah, I know they’re grown ups but, for them, I feel very badly.

Back in July I was slammed on this board for writing that KRY’s disgusting history in Ven could not be ignored and that Fung’s history of not owning the stock, not communicating with shareholders and not promoting the stock could not be ignored.

I was slammed for writing that the proposed JV was not a “done deal”.

I was slammed for writing oil prices would inch up making it possible for Chavez to dig his heels deeper into his dictator boots and build up his anti business bullshit.

I was told, “Shut up. It’s a brand new day”.

Well, guess what. It IS a brand new day….. Jan 3rd, to be exact and a brand new quarter and year.

I too was excited in June but still here we are. Same Day. Same Shit.

I’m guessing the next time we hear from KRY they’re going to be saying they expect to close the JV deal in the first quarter of 2011.

Why? Because it IS the first quarter of 2011!!!

Or they may say, “All the paperwork on our end is finished we’re just waiting on Venezuela to come through with the promised permit”. “Sooner rather than later”. “In the near future”, “On the Horizon”. “We’re having high level meetings all the time”….Etc etc.

And I say, “How is that speech different than the last several years?”

And what do you think will really happen even IF the JV is signed and even IF the permit is granted? Investors see Chavez yanking back permits if it suits him, shutting down businesses at will, and building up his military machine to control his own population.

If the permit is granted I'd be shocked to see the stock above a buck.

Some may say: “Shut up Cividale. Call KRY yourself and do some due diligence instead of complaining.”

Sorry. But as a shareholder of 300K shares, and KRY now missing 3 expected “deadlines”, I believe I have the right to vent and I believe I speak for a lot of frustrated shareholders of this POS.

I’m guessing this quarter we’re going to be seeing bankruptcy, arbitration or both.

Yes, I know it’s easy to predict the negative when related to KRY. But that’s only because KRY is so darn good at the negative.

As long as the name KRY is associated with Las Cristinas, in any form, Chavez has been saying: Drop dead.

I don’t see that changing.

I really hope I’m wrong but, so far, I haven’t been.

And I REALLY hope I'm proven wrong.....TODAY!!!!

BTW Tell me again how KRY, the Chinese AND Chavez all want the JV to happen as soon as possible. I love that part! It’s my favorite part of this fairy tale.

Cividale