Lope,

I'm with you; I would think if this news were truly severe, we'd have seen far more selling and a single digit closing price. Will be interesting to see what the big boys hold after today.

I'm hoping for $6 billion arb case, and hope that KRY can put together a solid argument for that number.

The only other possibility I can think of that would cause KRY to delay filing immediately is that they are trying to close a deal between VZ and CRRC to buy them out, which at this point amounts to more of a deal to payoff KRY from going to arb (since they don't have a MOC anymore). Or, alternately, a quick settlement without ever going to arb.