The $120 million debt offering is over subscribed according to Bob and Marc, from RM today. The delay is simply the paperwork issues involved and the numerous entities involved in closing the syndicate book, making the allocations, and completing the offering.

So it is really a done deal IMO, just a matter of time until it is announced.

I have no concerns at this point, now just a short matter of time, then we move on to the slow process of the arbitration, and I would expect the first telephonic hearing by mid-January.

I expect that Venezuela will attempt to raise juisdiction issues, which will fail and likely become part of the main process (and fail there, as they always do since the BIT specifically confers jurisdiction and eliminates all contract clauses to the contrary). Then some skirmishes over document production that we really don't need. Then briefing on the merits, followed by a hearing.