4. If this was the case then why is GRZ trading where it is?

GRZ has more than sufficient cash in the bank to ensure they can work through the arbitration period and any delay in getting paid. GRZ's note holders cannot disrupt this process because they are on different terms to KRY's bond holders.

If KRY announced tomorrow a definite and viable financing plan that would enable them to complete the arbitration process in good financial shape they would be trading much higher as well.

The market is not discounting KRY's ICSID claim in comparison to GRZ's claim. It is factoring in the distinct possibility that KRY may be bankrupt before the case is completed.