I am just rambling here but i will attempt to write my thoughts on the overall observations with respect to all the arbitrations which are now filed with the icsid and Venezuela. There are about 20 of them. The most recent news publications are about Ramirez's refusal of payments, arbitrated through iscid ,claiming it is against, the country's sovereignty to pay more than the real physical asset value, which they confiscated. He says that what is more than physical asset value is "expected profit" and claimants are not entitled to that, citing Venezuela's constitution. (yea like last week).

Basically what he is (Ramirez) saying, let's say for example, an outside company (MacDonalds, also examples, KRY, RML, Grz, Exxonmobile ConocoPhillips included) gambles investment and builds a business costing (MacDonalds) $1M in infrastructure and as the company flourishes and makes profits of $1M annually, it is a profitable company targeted for confiscation. Now if it ends up, in iscid arbitration courts, what does the claimant ask for, "Infrastructure plus future profits" or what ? according to Ramirez, the head of PDVSA, they only owe the infrastructure the rest is an attack on Venezuela's sovereignty. Doesn't matter what stock market investors outside the immediate put up money who have put up money expecting future gain ,having invested in macdonalds and their projection of future earnings which we as investors put our money in.

We lost tons of money in Venezuela for political reasons and their benefit adding to their GDP.

No matter what ICSID says, Ramirez does not intend to pay any more than for the infratructure . With his logic he owes exxonmobil only $1B which he is willing to pay. And $1.5B to conocophillips An ICSID conclusion is imminent so he is preparing the groundwork through the media of his defense that he will not pay more than $2.5B because lookin at profit expectations of these companys infinges on venezuela's sovereignty. they have good reason to protect themselves to repatriate their gold and to rid themselves of their assets abroad such as citgo for example. they are fervently working on ridding their assets abroad, Ramirez admits, to not have to pay icsid awards which decisions they expect to lose. (The Castro history )influence.

We read iscid is effective for 6 mo after any country resigns from icsid but things go on so slowly in iscid that 6 m means nothing.

Let's talk KRY:

Our claim is for $3.5B but our investment in infrastructure is a bit over $500,000,000 (I'm Guessing) which is what venezuela is aiming for to pay if forced to settle according to their philosophy of payments for only infrastructure, . even so they may not even deicide to pay. so let's say we win the arbitration award using $500,000,000 as an example. Does KRY desolve and we each get our share according to how many share swe hold? or does kry management keep the money in capital to invest in other adventures maintaining our 12.5 cents market value.

If we are awarded $3.5B it puts the company that takes over that much behind the eight ball which I don't see happening. I don't care what las cristinas is worth overall even if its billions. You can be sure Chavez is not putting up any cash one-for-one money for anything and $3.5B is in dreamland. Who buys us out has to come up with the cash. So $.5 is the more realistic expectation but i hope $3.5B is the award. What a stinkpot. If $3.5B is the award we'll likely get the project back. BUT DO WE REALLY WANT IT? No! "Show me the money."