I hope I'm wrong about all this but.........

I believe you are wrong. I doubt that what is said by Hugo and VZ will change peoples minds in investioning in our debt. I don't think I've ever read where any VZ official has said they won't pay. They simply question the amount.

If I was asked to buy this kind of debt my first question would be can Kry repay the debt. I would then have to decide if Kry had a legitamate case that could be won and what the minimum settlement should be.

Each pearson will have to determine what they believe the minimum will be. What VZ will try to settle for in my opinion is costs to date which are over $500 million. To me this is the minimum we would end up with.

At $500 million I believe Kry would be able to repay their debt including interest and still have close to a $1 a share in cash.

In my opinion however, Kry will get over $1 billion which leaves us with a minimum $3 a share in cash. That is why I'm still here.

Fung doesn't have to convince people that VZ will pay a $3 billion settlement he just has to convince people that our case is winable. If we win in arbitration everyone will get paid.

JJ