It sounds like we are selected for delisting based on NYSE AMEX Rule 1003 (c)(i):

(c) Disposal of Assets—Reduction of Operations—The Exchange will normally consider suspending dealings in, or removing from the list, securities of an issuer whenever any of the following events shall occur:

(i) If the issuer has sold or otherwise disposed of its principal operating assets or has ceased to be an operating company or has discontinued a substantial portion of its operations or business for any reason whatsoever, including, without limitation, such events as sale, lease, spin-off, distribution, foreclosure, discontinuance, abandonment, destruction, condemnation, seizure or expropriation. Where the issuer has substantially discontinued the business that it conducted at the time it was listed or admitted to trading, and has become engaged in ventures or promotions which have not developed to a commercial stage or the success of which is problematical, it shall not be considered an operating company for the purposes of continued trading and listing on the Exchange.

http://cchwallstreet.com/AMEXtools/PlatformViewer.asp?SelectedNode=chp_1_1_10&manual=/AMEX/CompanyGuide/amex-company-guide/

Based upon this rule, I don't really see what argument Crystallex has to avoid delisting, although appeal will delay the process for some time at minimal cost. On the downside, if management spends much time on it, that time is wasted and should be directed to more potentially helpful pursuits, and if none exist some more layoffs seem in order. (Doesn't really seem to matter that we still met the capitalization requirements at the time of the notice.)

Can't say that I'm surprised by this, while it seems disappointing, I think that it was inevitable and does not really affect the arbitration negatively. The critical issue remains financing the arbitration. Delisting may save us a few bucks and being the optimist, maybe it will be a slap in the face to get Fung awake and jump started on a Plan B. If he can't come up with something his legacy is in the toilet, despite his apparent previous business acumen.