Looking up company stats on Yahoo there are right about 358M KRY shares outstanding. I assume this is the same amount that exist if KRY were to file for arb tomorrow, and not the 500M that would have happened if the agreement with CRRC had come to fruition, right? So in the event of an award a couple years from now, or a short term settlement before that, the winnings would be divided among 358M, not 500M.

Or is there some other dilutive mechanism out there I don't know about? Bond conversion or something like that?

Still learning.....